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Board may permit sale, mortgage, etc., to person other than Company on conditions

Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations 1975

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—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member of the Fund who —(a)has withdrawn any moneys under these Regulations for the purchase of a property (including any moneys lent to that member under section 14A of the Act for the purchase of the property and withdrawn by that member which have not been repaid); or(b)is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the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,to sell, mortgage, lease, transfer or assign the property or the member’s estate or interest in the property to, or execute a charge on the property or the member’s estate or interest in the property in favour of, a person other than the Company if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part of the amount as the Board may determine.(2) Subject to paragraphs (3), (4) and (5), the member of the Fund who sells, mortgages, leases, transfers, assigns or executes a charge on the property or the member’s estate or interest in the property 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:(a)the net proceeds of the sale, mortgage, lease, transfer, assignment or charge, as the case may be; (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are applicable to him or her, the aggregate of both amounts:(i)where paragraph (1)(a) applies to the member, all moneys withdrawn by him or her under these Regulations for the purchase of the property (including any moneys lent to that member under section 14A of the Act for the purchase of the property and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on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.(3) Subject to paragraphs (4) and (5), where the member of the Fund sells, mortgages, leases, transfers or assigns the property or the member’s estate or interest in the property to, or executes the charge on the property or the member’s estate or interest in the property in favour of, any person without consideration or for a consideration below the market value of the property, the member of the Fund must, unless the Board otherwise directs, pay to his or her account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (2)(b).(4) Paragraphs (1), (2) and (3) do not apply where the sale, transfer, assignment or disposal mentioned in those paragraphs is a relevant transaction and a continued charge is constituted under section 21C(1)(d) of the Act as a result of the sale, transfer, assignment or disposal.(5) Despite paragraphs (2), (3) and (4), where a member of the Fund transfers (other than by way of sale) his or her estate or interest in the property to his or her spouse pursuant to an order of court mentioned in section 27C(1)(c), 27DA(1)(c), 27DB(1)(c) or 27E(1)(c) of the Act —(a)in the case of an order of court mentioned in section 27C(1)(c) of the Act, the person mentioned in section 27C(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27C(1)(e) of the Act which the person may be required by the order of court to pay to the Board; (b)in the case of an order of court mentioned in section 27DA(1)(c) of the Act, the person mentioned in section 27DA(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DA(1)(e) of the Act which the person may be required by the order of court to pay to the Board; (c)in the case of an order of court mentioned in section 27DB(1)(c) of the Act, the person mentioned in section 27DB(2)(a) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DB(2)(a) of the Act which the person may be required by the order of court to pay to the Board; or(d)in the case of an order of court mentioned in section 27E(1)(c) of the Act, the member or person mentioned in section 27E(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, such of the amounts mentioned in section 27E(1)(e)(i), (ii) and (iii) of the Act as may be applicable to the member or person.(6) In this regulation —“net proceeds”, in relation to any property, or a member’s estate or interest in a property, which is sold, transferred, assigned or disposed of, means the excess (if any) of —(a)the consideration for the sale, transfer, assignment or disposal of the property, or of the member’s estate or interest in the property (as the case may be) or, if the Board so elects, the value of the property, or of the member’s estate or interest in the property (as the case may be) at the time of the sale, transfer, assignment or disposal as assessed by the Board; over(b)the aggregate of the following amounts paid in the following order:(i)any amount under a housing loan for the purchase of the property, or of the member’s estate or interest in the property (as the case may be) which has not been repaid; (ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund, or such part of that amount as the Board determines to be attributable to the member’s estate or interest in the property, as the case may be;“relevant amount” means —(a)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 —(i)the amount payment of which was secured by all of the charges on the property mentioned 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 is required to set aside;(b)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 —(i)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; (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 property, the excess (if any) of —(i)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(d)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 —(i)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 such interest payable under the applicable paragraph as the Board may determine), if there was no order of court mentioned 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;“relevant transaction” has the meaning given by section 21E(1) of the Act read with regulation 19 of the Central Provident Fund Regulations 1987;“spouse” includes a former spouse.

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