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Times and circumstances for vesting of designated shares in Board under section 26(1) of Act

Central Provident Fund (Designated Shares) Regulations 2022

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—(1) 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:(a)when the Board is notified that the designated shareholder has died;(b)on the date that the Board (being satisfied that section 26(1)(aa) of the Act applies to the designated shareholder) gives instructions to a stockbroker to sell, on the next working day, the designated shares;(c)when 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;(d)when the Board gives its authority under section 15(1) of the Act (before 1 April 2024) for a withdrawal mentioned in paragraph (2)(b), if the designated shareholder has not before the Board gives its authority, instructed the Board to transfer the designated shares to the designated shareholder’s securities account.(2) The prescribed circumstances where the designated shares of a designated shareholder vest in the Board under section 26(1)(b) of the Act are —(a)where 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; or(b)where —(i)the Board gives its authority before 1 April 2024 (on the application of the designated shareholder on or after 1 April 2022) for the withdrawal of the sum standing to the credit of the designated shareholder in the Fund under section 15(2)(b) or (c) of the Act as in force before 1 April 2024; and(ii)the designated shareholder has not, before the Board gives its authority mentioned in sub‑paragraph (i), instructed the Board to transfer the designated shares to the designated shareholder’s securities account.

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