Singapore legislation
Regulation 20
of Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986
Regulation 20
Prohibition on mortgage
Subregulation 1
Where a member has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), as long as any such moneys remain payable to the Fund, the member must not mortgage or in any way encumber the property without the prior written permission of the Board.
Subregulation 2
In granting any permission under paragraph (1), the Board may —
require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —
all moneys withdrawn by the member in respect of the property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made; and
where the member is also required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to pay any moneys to the Fund upon the sale or disposal of the property, the relevant amount as defined in regulation 19(6); or
impose such other terms and conditions as the Board may think fit.