Singapore legislation
Regulation 12
of Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986
Regulation 12
Conditions for withdrawal for mortgaged property
Subregulation 1
Where the property is subject to one or more subsisting mortgages, the Board may, as a condition for the withdrawal of money under these Regulations, require the member to satisfy the Board that the mortgagees have agreed —
that their rights under the mortgages are to rank pari passu with the rights of the Board in respect of all withdrawals authorised by the Board, in such manner and on such terms as may be agreed upon between the Board and the mortgagees; and
to obtain the prior written approval of the Board before they sell, sub‑mortgage, transfer their mortgage or apply to the Court for an order to foreclose the property.
Subregulation 2
Where a property is purchased, acquired or owned by 2 or more persons, the Board may, as a condition for withdrawal of money by any one of them under these Regulations, require all the co‑purchasers or co‑owners of the property to give their written consent to extend any charge under section 21(1A) of the Act to all their respective estates or interests in the property.