Central Provident Fund (Designated Shares) Regulations 2022

In these Regulations, unless the context otherwise requires —

For the purposes of these Regulations, the Board is notified of a designated shareholder’s death —

The designated shares of a designated shareholder vest in the Board under section 26(1) of the Act at the earliest of the following times:

The prescribed circumstances where the designated shares of a designated shareholder vest in the Board under section 26(1)(b) of the Act are —

Paragraphs (2) and (3) apply where the Board —

Subject to paragraphs (3) and (4) and regulation 11, the Board must sell the vested shares between the 8th and 10th working day (both days inclusive) after the Board is satisfied that the instructions are duly made in the manner required by the Board.

Where the Board, after the prescribed time but before it has sold the vested shares, receives subsequent instructions to instead transfer the vested shares in accordance with section 26(4)(b) or (c) of the Act, the Board may transfer the vested shares in accordance with the subsequent instructions.

Subject to regulation 11, where the Board —

Subject to paragraph (2) and regulations 7 and 11, if the Board decides to sell a deceased designated shareholder’s vested shares because the circumstances referred to in section 26(6)(a) of the Act exist, the Board must sell the vested shares —

Where the Board, before it sells the vested shares under paragraph (1), receives instructions mentioned in section 26(4) of the Act to transfer the vested shares, the Board may transfer the vested shares as so instructed.

Subject to paragraph (2) and regulation 11, if the Board decides to sell a designated shareholder’s vested shares under section 26(6)(aa) of the Act, the Board must sell the vested shares on a working day —

Where, before the Board sells the vested shares under paragraph (1) —

For the purposes of section 26(6)(b) of the Act, the circumstances where the Board may sell a designated shareholder’s vested shares are the circumstances specified in the first column of the table in the Schedule.

Despite regulation 6(1) and subject to regulation 11, where the Board decides to sell a designated shareholder’s vested shares because any circumstances specified in the first column of the table in the Schedule exist, the Board must sell the vested shares on the day, date or during the period (as the case may be) specified in the second column of that table opposite those circumstances.

The Board may appoint a stockbroker for the purpose of selling any vested shares under these Regulations.

The person entitled to receive the proceeds of the sale of the vested shares under paragraph (1) must pay the reasonable expenses connected with the sale.

Where a relevant person instructs the Board to sell a deceased designated shareholder’s vested shares before the 8th working day mentioned in regulation 4(2) or (4) or 6(1)(a), the Board may, if it thinks fit, sell the vested shares before the 8th working day.

Subject to paragraph (3), if it is impracticable for the Board to sell any vested shares on the day or date, or the last day of the period, prescribed by regulation 4(2) or (4), 6(1), 6A(1) or 7(2) for the sale of vested shares, the Board may delay the sale of the vested shares until it is practicable to do so.

Where any of the vested shares have not been sold on the day or date, or the last day of the period, prescribed by regulation 6(1)(b) or (c), 6A(1) or 7(2) because the Board is attempting to contact or waiting for instructions or documents from the designated shareholder or the relevant person in relation to a deceased designated shareholder, the Board may sell the vested shares on any working day after that time that the Board thinks fit.

For the purposes of paragraph (2), the circumstances in which it is not practicable for the Board to sell vested shares at or within the time prescribed by regulation 4(2) or (4), 6(1), 6A(1) or 7(2) (as the case may be) include, but are not limited to, any of the following:

The Central Provident Fund (Distribution and Disposal of Shares in Approved Corporation) Regulations 2010 (G.N. No. S 821/2010) are revoked.

Despite paragraph (1), where section 26(3) of the Act as in force before 1 April 2022 continues to apply on or after that date as provided by the Central Provident Fund (Amendment) Act 2021 (Saving and Transitional Provisions) (No. 2) Regulations 2022 (G.N. No. S 287/2022), regulations 3(1), (2)(a)(ii) and (b), (3)(a) and (b), (4) and (5) and 6 of the revoked Regulations as in force before 1 April 2022 continue to apply for the purposes of that provision of the Act.

Despite paragraph (1), where section 26A(6) of the Act as in force before 1 April 2022 continues to apply on or after that date as provided by the Central Provident Fund (Amendment) Act 2021 (Saving and Transitional Provisions) (No. 2) Regulations 2022, regulations 4(1) and (2)(a)(ii), (e) and (f) and 6 of the revoked Regulations as in force before 1 April 2022 continue to apply for the purposes of that provision of the Act.

Any stockbroker appointed by the Board under regulation 8 of the revoked Regulations is treated as having been appointed by the Board under these Regulations.

In this regulation, “revoked Regulations” means the Central Provident Fund (Distribution and Disposal of Shares in Approved Corporation) Regulations 2010.