Regulation 23

Where at any time a member has entered into an agreement with the Public Utilities Board for a loan to purchase a flat from the Housing and Development Board 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the whole or part of the amount standing to the credit in the contributions account of the member in the Fund, to be withdrawn from the Fund and paid to the Public Utilities Board for the repayment of the loan.

Where at any time any member of the Fund has entered into an agreement with the Public Utilities Board for a loan to purchase a flat from the Housing and Development Board for his own occupation under an approved housing scheme and in accordance with such agreement is required to pay monthly instalments of principal and interest on account of the loan, the Committee may in addition to the amount authorised to be withdrawn pursuant to paragraph (1), on the application of such a member and subject to such conditions as the Committee may impose, authorise the whole or part of any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application, together with any interest credited to his contributions account in respect of the contributions, to be withdrawn from the Fund and applied for the payment of such monthly instalments.

The amount authorised to be withdrawn from the contributions account of any member of the Fund in any month under this rule shall not exceed the amount of any monthly instalment payable by the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

In the event that a member, who has repaid a loan with the moneys withdrawn from the Fund, sells the flat which was purchased with the loan, he shall repay into his contributions account of the Fund the amount so withdrawn from the proceeds of the sale if at the time of the sale he would not, if he had not withdrawn the moneys, have become eligible to receive the full benefits of the contributions to the Fund.