Singapore legislation
Regulation 14
of Central Provident Fund (Approved Housing Schemes) Regulations 1986
Regulation 14
Compulsory acquisition and disposition of proceeds of house or flat
Subregulation 1
This regulation does not apply to any house or flat to which regulation 14A applies.
Subregulation 2
Where —
a member —
has withdrawn any moneys under these Regulations in respect of a house or flat; or
is required under section 27D(1)(h), 27DA(1)(g), 27DB(2)(c) or 27F(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat; and
the house or flat is compulsorily acquired under —
section 63 of the Housing and Development Act 1959;
section 46 of the Jurong Town Corporation Act (Cap. 150, 1998 Revised Edition); or
any other written law,the member must pay to his or her account in the Fund the amount specified in paragraph (3) or such other amount as the Board may allow, taking into consideration the circumstances of each case.
Subregulation 3
The member whose house or flat has been acquired must pay to his or her account in the Fund, in the manner determined by the Board, whichever is the lesser of the following amounts:
the net proceeds of the acquisition; (b)such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts:
where paragraph (2)(a)(i) applies to the member, all moneys withdrawn by him or her under these Regulations in respect of the house or flat (including any moneys lent to that member under section 14A of the Act in connection with the purchase or acquisition of that house or flat and withdrawn by that member under regulation 4A which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would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;
where paragraph (2)(a)(ii) applies to the member, the relevant amount.
Subregulation 4
In this regulation —
Definition
“net proceeds of the acquisition”, in relation to any house or flat which has been acquired, means the excess (if any) of —
the amount of compensation paid upon the acquisition of the house or flat; over(b)the aggregate of the following amounts, as may be applicable, paid in the following order:
(ia)in the case of an HDB flat, any subsidy recovery amount in respect of the HDB flat;
any amount under a housing loan from the Housing and Development Board for the purchase or acquisition of the house or flat which has not been repaid;
any amount which, under any written law, is to be paid to any other person in priority to the Fund; (iii)any resale levy (not being deferred resale levy) imposed by the Housing and Development Board as may be approved by the Board;
Definition
“relevant amount” means —
in relation to a member who is required under section 27D(1)(h) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount which the spouse of the member —
has given an undertaking to refund to the Board under section 15AB(3) or (4) of the Act or a former provision; or
is deemed to have given an undertaking to refund to the Board under section 21C(2) or 21D(1) of the Act,in the event the house or flat is sold or otherwise disposed of; over(ii)the amount which has been paid to the Board under section 27D(1)(f) 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 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount payment of which was secured by all of the charges on the house or flat 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; (c)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 house or flat, the excess (if any) of —
the amount payment of which was secured by all of the charges on the house or flat 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 27F(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, the excess (if any) of —
the amount which would have been payable into the account of the member’s spouse in the Fund under paragraph (3) (excluding such interest or part of such interest payable under that paragraph as the Board may determine), if there was no order of court mentioned in section 27F(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the house or flat to the member; over(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27F(1)(e) of the Act;
Definition
“spouse” includes a former spouse;
Definition
“time of the acquisition” refers to the date of issue of the notice of intention to acquire under —
section 63(3) of the Housing and Development Act 1959;
section 46(3) of the Jurong Town Corporation Act (Cap. 150, 1998 Revised Edition); or
any other written law,as the case may be.
Subregulation 5
Nothing in this regulation applies to the acquisition of any house or flat where the notice of intention to acquire from —
the Housing and Development Board under section 63(3) of the Housing and Development Act 1959; or
the Jurong Town Corporation under section 46(3) of the Jurong Town Corporation Act (Cap. 150, 1998 Revised Edition),as the case may be, was issued before 21 December 2001.
Subregulation 6
Regulation 14 as in force immediately before 21 December 2001 continues to apply in respect of any acquisition mentioned in paragraph (5).