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Repayment of moneys where property is vested in Housing and Development Board

Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations 1987

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—(1) Subject to paragraph (2), where a member —(a)has withdrawn any moneys under these Regulations in respect of a property; or(b)is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a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,no moneys are payable by the member to the Fund where the property is vested in the Housing and Development Board under section 50 of the Housing and Development Act 1959, and the moneys paid or deposited in respect of the property are forfeited.(2) Where any sum of money paid or deposited in respect of the property is refunded to the member by the Housing and Development Board, upon the vesting of the property mentioned in paragraph (1), the member must pay to his or her account in the Fund whichever is the lesser of the following amounts:(a)the amount so refunded to him or her; (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are applicable to him or her, the aggregate of both amounts:(i)where paragraph (1)(a) applies to the member, all moneys withdrawn by him or her in connection with the purchase of the property (including any moneys lent to that member under section 14A of the Act in connection with such purchase and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on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;(ii)where paragraph (1)(b) applies to the member, the relevant amount as defined in regulation 11(6).

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