Singapore legislation
Regulation 24
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 24
Repayment from CPF Investment Account to ordinary account
Subregulation 1
Where a member has not operated the member’s CPF Investment Account for a period of 2 months or such longer period as the Board may allow —
the member is obliged to repay into the Fund, on the expiry of that period, all moneys in the member’s CPF Investment Account; and
the approved agent bank must forthwith transfer all moneys in the member’s CPF Investment Account to the Board to be credited to the member’s ordinary account.
Subregulation 2
Where a member has transferred the whole or part of the available amount in the member’s ordinary account to the member’s CPF Investment Account for the purpose of purchasing shares or bonds offered under an initial public offer under regulation 14, or of purchasing shares in a property fund offered under an initial public offer under regulation 21, but is unsuccessful in making such purchase —
the member is, upon that failure to purchase, obliged to repay into the Fund such amount as is refunded to the member’s CPF Investment Account by the company which made the initial public offer or its agent; and
the approved agent bank must, not earlier than 3 working days before the last day of the month in which the amount was refunded to the member’s CPF Investment Account, transfer that amount from the CPF Investment Account to the Board to be credited to the member’s ordinary account.
Subregulation 3
Paragraphs (1) and (2) do not apply —
if the Board, being satisfied that the member is not an applicable person, makes a declaration under section 26B(2) of the Act in respect of the member’s CPF Investment Account; or
if the Board approves the member’s application under regulation 40(1).