Redundancy Payments Fund (Dissolution) Bill

This Act may be cited as the Redundancy Payments Fund (Dissolution) Act 1992 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

This Act shall remain in force until 31st July 1993 and shall then expire unless continued in force for such further period as the Minister may, by notification in the Gazette, specify.

“appointed day” means the date of commencement of this Act;

“Director” means the Director of the Fund appointed under the Redundancy Payments Fund Act (Cap. 266) in force immediately before the appointed day;

“Fund” means the Redundancy Payments Fund established under the Redundancy Payments Fund Act in force immediately before the appointed day;

“medisave account” means a medisave account maintained under the Central Provident Fund Act (Cap. 36);

“member” means any person to whose credit any amount is standing in the Fund immediately before the appointed day.

A member of the Fund who is not a citizen of Singapore and who is residing abroad or is about to leave Singapore and has no intention of returning to Singapore shall apply to the Director, within 6 months from the appointed day or such further period, not exceeding one month, as the Director may allow, to withdraw all the moneys standing to his credit in the Fund, including such interest as may have been credited thereon, and upon such application the Director shall pay out of the Fund all such moneys and interest to the member.

Where a member of the Fund has not applied to withdraw the moneys standing to his credit in the Fund within the period specified or allowed under subsection (1), the Director shall pay such moneys, including such interest as may have been credited thereon, to the medisave account of the member.

Where a member of the Fund is not a citizen of Singapore and is residing in Singapore, the Director shall pay the moneys standing to his credit in the Fund, including such interest as may have been credited thereon, to the medisave account of the member.

All moneys of a member of the Fund paid to his medisave account under this section may be withdrawn by the member in accordance with the Central Provident Fund Act (Cap. 36) and any regulations made thereunder.

Where a member of the Fund dies before any payment is made under section 4 or 5, the Director shall pay to the person nominated by the deceased member under section 11(5) of the Redundancy Payments Fund Act (Cap. 266) in force immediately before the appointed day to receive in his own right the amount standing to his credit in the Fund.

Where any amount standing to the credit of a member in the Fund cannot for any reason be paid out under subsection (1) or section 4, the Director shall pay that amount to the Public Trustee for disposal in accordance with any written law for the time being in force.

When all the moneys standing to the credit of a member of the Fund have been paid to the person nominated by him or the Public Trustee under this section, no person shall have any further claim against the Fund.

The receipt of the person nominated by a member of the Fund or of the Public Trustee shall be a discharge to the Director for such portions of the moneys payable out of the Fund under this section.