Regulation 22

Where at any time a member has entered into an agreement with the Housing and Development Board for the purchase of a flat for his own occupation under an approved housing scheme, the Committee may, on the application of the member and subject to such conditions as the Committee may impose, authorise the whole or part of the amount standing to the credit in the contributions account of such member in the Fund, to be withdrawn from the Fund and paid to the Housing and Development Board on account of the purchase of the flat.

Where any member of the Fund has entered into an agreement to purchase a flat under an approved housing scheme and in accordance with that agreement is required to pay monthly instalments of principal and interest on account of the purchase of the flat, the Committee may in addition to the amount authorised to be withdrawn pursuant to paragraph (1), on his application and subject to such conditions as the Committee may impose, authorise the whole or part of any contributions paid into the contributions account of the member in the Fund after the last day of the month immediately preceding the date of the application, together with any interest credited to his contributions account in respect of the contributions, to be withdrawn from the Fund and applied for the payment of such monthly instalments.

The amount authorised to be withdrawn from the contributions account of any member of the Fund in any month under the provisions of this rule shall not exceed the amount of any monthly instalment payable by the member in respect of the purchase of the flat in such month.

In the event that a member who has purchased a flat with the moneys withdrawn from the Fund, sells the flat, he shall repay into his contributions account of the Fund the amount so withdrawn from the proceeds of the sale if at the time of the sale he would not, if he had not withdrawn the monies, have become eligible to receive the full benefits of the contributions to the Fund.