Singapore legislation

Regulation 10

of Central Provident Fund (Approved Housing Schemes) Regulations 1986

Regulation 10

Repayment of moneys on occurrence of certain events

Subregulation 1

Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations (including any moneys lent to that member under section 14A of the Act and withdrawn by that member under regulation 4A which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would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 Board on the occurrence of any of the following events:

(a)

the house or flat or any estate or interest in the house or flat is sold, transferred, assigned or otherwise disposed of —

(i)

by the member without the consent of the Board; or

(ii)

by any person other than the member, including any mortgagee, with or without the consent of the Board;

(b)

if any mortgage or encumbrance is created over the house or flat in favour of any person other than the Housing and Development Board without the consent of the Board;

(c)

if 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 2

All moneys withdrawn by a member under these Regulations, including —

(a)

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

(b)

any moneys lent to that member under section 14A of the Act and withdrawn by that member under regulation 4A which have not been repaid,or such lesser sum as the Board may in its discretion determine, become due and payable to the Board on the occurrence of either of the following events:

(c)

the member withdraws his or her application for the purchase or acquisition of the house or flat;

(d)

the agreement entered into by the member for the purchase or acquisition of the house or flat is rescinded, terminated or otherwise aborted.