Singapore legislation
Regulation 4
of Central Provident Fund (Designated Shares) Regulations 2022
Regulation 4
Sale of shares where Board receives instructions under section 26(4) of Act within prescribed time
Subregulation 1
Paragraphs (2) and (3) apply where the Board —
has received instructions within the prescribed time to sell a deceased designated shareholder’s vested shares under section 26(4)(a) of the Act; and
is satisfied that the instructions are duly made in the manner required by the Board.
Subregulation 2
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.
Subregulation 3
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.
Subregulation 4
Subject to regulation 11, where the Board —
has, within the prescribed time, received instructions to transfer a deceased designated shareholder’s vested shares in accordance with section 26(4)(b) or (c) of the Act; and
after the prescribed time but before it has transferred the vested shares, receives subsequent instructions to instead sell the vested shares in accordance with section 26(4)(a) of the Act,the Board may sell the vested shares in accordance with the subsequent instructions between the 8th and 10th working day (both days inclusive) after the day that the Board is satisfied that the subsequent instructions are duly made in the manner required by the Board.