Singapore legislation
Regulation 5A
Regulation 5A
Change of managing agent
Subregulation 1
Subject to paragraph (2), the trustee of a Child Development Account (referred to in this regulation as the existing Account) opened with a managing agent (referred to in this regulation as the existing managing agent) may at any time, at his own expense and with the approval of the Director, apply to another managing agent (referred to in this regulation as the new managing agent) to open a Child Development Account for the member concerned (referred to in this regulation as the new Account) to replace the existing Account.
Subregulation 2
No application shall be allowed on or after 31st December of the year in which the relevant anniversary of the date of birth of the member falls.
Subregulation 3
The application shall be in such form as the new managing agent may provide.
Subregulation 4
After the new Account is opened by the new managing agent, the existing managing agent shall, as soon as practicable —
close any fixed deposit or time deposit account opened under regulation 9(1)(d) and transfer any moneys standing to the credit of the member in that account on the date of closure, including any interest paid on those moneys, to the existing Account; and
thereafter close the existing Account and transfer any moneys standing to the credit of the member in that Account on the date of closure, including any interest paid on those moneys, to the new Account.
Subregulation 5
The reference to the Child Development Account of a member in regulations 5(7)(a), 7(2) and 10(1) shall, if at the relevant time the member has 2 such Accounts by virtue of the fact that the new Account has been opened but the existing Account has yet to be closed under paragraph (4), be read as a reference to both of these Accounts.
Subregulation 6
The reference to the Child Development Account of a member in regulations 6(1) and 9 shall, if at the relevant time the member has 2 such Accounts by virtue of the fact that the new Account has been opened but the existing Account has yet to be closed under paragraph (4), be read as a reference to either of these Accounts.
Subregulation 7
In this regulation, “relevant anniversary”, in relation to a member born on or after 1 January 2009, means the twelfth anniversary.