Singapore legislation
Regulation 21
of Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986
Regulation 21
Repayment of moneys in certain circumstances
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has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid); or
is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property; and
the property or any estate or interest in the property —
is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or
is compulsorily acquired under the Land Acquisition Act 1966 or any other written law,the member must pay to the member’s account in the Fund the amount specified in the applicable paragraph of this regulation or such part of the amount as the Board may determine, taking into consideration the circumstances of each case.
Subregulation 2
Subject to paragraphs (3) and (5), the member whose property or estate or interest in the property has been sold, transferred, assigned or disposed of by any other person, or has been compulsorily acquired, must pay to the member’s account in the Fund, in the manner determined by the Board, the lesser of the following amounts:
the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition;
such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts:
where paragraph (1)(a)(i) applies to the member, all moneys withdrawn by the member under these Regulations in respect of the property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on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;
where paragraph (1)(a)(ii) applies to the member, the relevant amount.
Subregulation 3
Subject to paragraph (5), where the member whose property or estate or interest in the property has been sold, transferred, assigned or otherwise disposed of by any other person without consideration or for a consideration below the market value of the property or the member’s estate or interest in the property (as the case may be) the member must, unless the Board otherwise directs, pay to the member’s account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (2)(b).
Subregulation 4
Subject to paragraph (5), all moneys withdrawn by a member 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), 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, become due and payable to the member’s account in the Fund in the event that —
any mortgage or encumbrance is created over the property without the consent of the Board; or
the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.
Subregulation 5
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); or
is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,then —
on the death of the member; or
when the member is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(b) of the Act or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal,such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts, ceases to be payable to the member’s account in the Fund:
if sub‑paragraph (a) applies to the member, all moneys withdrawn by the member in respect of the property (other than 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;
if sub‑paragraph (b) applies to the member, the relevant amount.
Subregulation 6
In this regulation —
Definition
“net proceeds”, in relation to any property which has been sold, transferred, assigned, disposed of or compulsorily acquired, means the excess (if any) of —
such of the following as may be applicable:
if the property has been sold, transferred, assigned or disposed of, the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board;
if the property has been compulsorily acquired, the amount of compensation paid upon the compulsory acquisition of the property; over(b)the aggregate of the following amounts paid in the following order:
any amount outstanding under a housing loan for the purchase or acquisition of the property which is to be repaid in priority to the Fund pursuant to —
an agreement between the Board, the member and the mortgagee; or
if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules;
any amount which, under any written law, is to be paid to any other person in priority to the Fund;
Definition
“relevant amount” means —
in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property referred to in section 27C(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse of the member is required to set aside;
in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property mentioned in section 27DA(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside;
in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property mentioned in section 27DB(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or
in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part of the interest payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; over(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act;
Definition
“spouse” includes a former spouse.