Singapore legislation
Regulation 35
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 35
Account into which earnings from shares are to be credited
Subregulation 1
Where a member has sold the member’s shares in an approved corporation and the proceeds of sale were received by the Board before 1 October 2002, the Board must credit to the Share Profit Account of the member the whole proceeds of the sale less —
the weighted average cost of the shares;
the total interest that would have accrued in the member’s ordinary account had the member not withdrawn the total amount for the shares under these Regulations; and
any expenses incurred as a result of the sale of the shares.
Subregulation 2
Subject to paragraph (3), where the Board receives, on or after 1 April 2022, the proceeds of sale of any shares in an approved corporation which are sold by a designated shareholder, the Board must credit the whole proceeds (less any expenses incurred as a result of the sale) to the designated shareholder’s ordinary account.
Subregulation 2A
The amount credited to a designated shareholder’s ordinary account under paragraph (2) may be withdrawn by the designated shareholder under regulation 14(1)(da) of the Central Provident Fund Regulations 1987.
Subregulation 3
If the Board is notified, on or after 1 April 2022, that the designated shareholder has died, the Board may credit any proceeds of sale mentioned in paragraph (2) which —
fall within paragraph (c) of the definition of “designated shares payment” mentioned in section 2(1) of the Act; and
have not been credited to the designated shareholder’s ordinary account,to the general moneys of the Fund in accordance with section 26(7)(a) of the Act.
Subregulation 4
Subject to paragraphs (5) and (6), where the Board receives, on or after 1 April 2022, any dividends, returned paid‑up share capital or other moneys in respect of the shares in an approved corporation purchased by a designated shareholder, the Board must credit those dividends, returned paid‑up share capital or other moneys to the designated shareholder’s ordinary account.
Subregulation 5
If the Board is notified, on or after 1 April 2022, that the designated shareholder has died, the Board may credit any dividends, returned paid‑up share capital or other moneys mentioned in paragraph (4) which —
fall within paragraph (b) of the definition of “designated shares payment” mentioned in section 2(1) of the Act; and
have not been credited to the designated shareholder’s ordinary account,to the general moneys of the Fund in accordance with section 26(7)(a) of the Act.
Subregulation 6
If the designated shareholder’s accounts in the Fund are deemed to be dormant under section 2(1B) of the Act on or after 1 April 2022, the Board may credit any dividends, returned paid‑up share capital or other moneys mentioned in paragraph (4) which —
fall within paragraph (b) of the definition of “designated shares payment” mentioned in section 2(1) of the Act; and
have not been credited to the designated shareholder’s ordinary account,to the general moneys of the Fund in accordance with section 26(7)(b) of the Act.
Subregulation 7
Moneys in the Share Profit Account are to bear interest at such rate as may be determined from time to time by the Board.