Regulation 3

Subject to regulation 4D, where a member has made an application to the Housing and Development Board, an approved developer or the Jurong Town Corporation to purchase or acquire a house or flat (other than a studio apartment), the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund, to be withdrawn from the Fund and paid to the Housing and Development Board, the approved developer, the Jurong Town Corporation or such other person as may be determined by the Board as a deposit for the purchase or acquisition of the house or flat or for the payment of the whole or a part of the purchase price of the house or flat.

Subject to regulation 4D, where a member has attained such age as the Board may determine, the member may apply to the Board to withdraw the whole or any part of the amount standing to the member’s credit in the Fund to be paid as a deposit for the purchase or acquisition of a studio apartment from the Housing and Development Board or for the payment of the whole or a part of the purchase price of the studio apartment, subject to such terms and conditions as the Board may impose.

Unless the Board otherwise permits, a withdrawal from a member’s retirement account under paragraph (1) or (2) may only be made from the balance in the account after deducting the cash amount applicable to that member, if any.

Unless the Board otherwise permits, the amount which may be withdrawn from the retirement account must not exceed the charge amount applicable to that member.

In this regulation —