Singapore legislation
Regulation 14
of Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995
Regulation 14
Restriction on mortgage of property
Subregulation 1
Where there subsists over any immovable property belonging to a member or his or her spouse or both of them jointly any charge or undertaking under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, or any section 21C(1) charge A, section 21C(2) undertaking A or section 21D(1) undertaking A, the member or his or her spouse or both of them must not mortgage, charge or otherwise encumber the immovable property except with the prior written consent of the Board.
Subregulation 2
Where a member is the spouse of any relevant person, and any charge or undertaking under section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) of the Act, or any section 21C(1) charge C, section 21C(2) undertaking B or section 21D(1) undertaking B, subsists over any immovable property, in respect of which the relevant person has transferred (other than by way of sale) his or her estate or interest to the member, the member must not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board.
Subregulation 3
In this paragraph and paragraph (2) —
Definition
“relevant person” means any member of the Fund, regardless of when the member has attained or will attain 55 years of age, who has transferred (other than by way of sale) the member’s estate or interest in an immovable property to his or her spouse pursuant to an order of court (as defined in section 27A of the Act);
Definition
“spouse” includes a former spouse.