Singapore legislation

Regulation 25

of Central Provident Fund (Investment Schemes) Regulations 2000

Regulation 25

Termination of CPF Investment Account

Subregulation 1

Where a member wishes to terminate the member’s CPF Investment Account with an approved agent bank and does not intend to open a CPF Investment Account with another approved agent bank —

(a)

the member —

(i)

must sell and dispose of all securities purchased or acquired by the member under this Part; and

(ii)

is obliged to repay into the Fund, before the termination of the member’s CPF Investment Account —

(A)

the total proceeds thereof; and

(B)

all other moneys in the member’s CPF Investment Account; and

(b)

the approved agent bank must forthwith transfer to the Board, to be credited to the member’s ordinary account, the total proceeds and other moneys mentioned in sub‑paragraph (a)(ii)(A) and (B).

Subregulation 2

Paragraph (1) does not apply —

(a)

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

(b)

if the Board approves the member’s application under regulation 40(1).

Read in full context — Central Provident Fund (Investment Schemes) Regulations 2000 →