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Use of money in special account for payment of improvement contribution and interest in respect of upgrading works

Central Provident Fund (Residential Properties Scheme) Regulations 1982

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—(1) This regulation applies in respect of a member where the member is liable, as owner of a residential property, to pay —(a)the monthly improvement contributions due —(i)to the Housing and Development Board in respect of upgrading works carried out on the residential property under Part 4A of the Housing and Development Act 1959; or(ii)to a Town Council in respect of lift upgrading works carried out in relation to the residential property under Part 4A of the Town Councils Act 1988; or(b)any interest imposed by the Housing and Development Board or the Town Council (as the case may be) on the monthly improvement contribution mentioned in sub‑paragraph (a).(2) Where this regulation applies in respect of a member, the Board may authorise to be withdrawn from the moneys standing to the member’s credit in the member’s special account an amount not exceeding one of the following to pay the monthly improvement contributions, and any interest on such contributions, mentioned in paragraph (1):(a)the balance remaining of moneys transferred from the member’s medisave account under section 13(6) of the Act to the member’s special account;(b)if the Minister approves the withdrawal, the total amount of moneys standing to the member’s credit in the member’s special account from time to time.(3) The Board may authorise either or both of the amounts under paragraph (2)(a) and (b) to be withdrawn —(a)on the application of the member or if the Board considers it necessary; and(b)subject to such terms and conditions as the Board may impose.(4) All moneys withdrawn from the Fund under paragraph (2) must be paid by the Board to the Housing and Development Board or the relevant Town Council (as the case may be), or to such other persons as the Board thinks fit to receive such moneys.(5) Subject to regulation 7(4), the amounts that a member may withdraw under paragraph (2)(a) or (b) are to be determined by the Board.

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