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Time of sale of vested shares for purposes of section 26(6)(a) of Act

Central Provident Fund (Designated Shares) Regulations 2022

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—(1) 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 —(a)where the Board has sent a notice for instructions to be given to the Board under section 26(4) of the Act and a relevant person, within the deadline (or any extended deadline) specified in the notice, instructs the Board to 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;(b)where the Board has sent a notice mentioned in sub‑paragraph (a) but the relevant person does not, within the deadline (or any extended deadline) specified in the notice, instruct the Board to sell the vested shares —(i)where a deceased designated shareholder died before 1 January 1996 or did not execute a memorandum under section 25(1) of the Act — on the 15th day of the 7th month after the month in which the Board is notified of the designated shareholder’s death; or(ii)in any other case — between the 2nd and 4th working day (both days inclusive) after the deadline (or any extended deadline) specified in the notice; or(c)where the Board has not sent a notice mentioned in sub‑paragraph (a) — on the 15th day of the 7th month after the month in which the Board is notified of the designated shareholder’s death.(2) 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.

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