18. The principal Act is amended by inserting, immediately after section 27, the following Part:“PART IIIA | DIVISION OF FUND-RELATED ASSETS IN MATRIMONIAL PROCEEDINGS |
| Interpretation of this Part |
27A. In this Part and section 77(1)(ra) —| “approved annuity” means an annuity approved by the Board for the purposes of section 15; |
| “approved bank” means a bank approved by the Board for the purposes of section 15; |
| “designated account” means such account maintained, or to be maintained, by the Board as may be prescribed by any regulations made under section 77(1); |
| “HDB flat” has the same meaning as in section 21B(14); |
“order of court” means —| (a) | an order made under section 112 of the Women’s Charter (Cap. 353) in proceedings for divorce, judicial separation or nullity of marriage under Part X of the Women’s Charter; or | | (b) | an order made under section 52(3)(d), (7) or (9) of the Administration of Muslim Law Act (Cap. 3) in proceedings for divorce or nullity of marriage under Part III of that Act; |
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| “public authority” has the same meaning as in section 21(12); |
| “spouse” includes a former spouse. |
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| Order of court for transfer or payment of money standing to credit of member |
27B.—(1) Subject to subsections (2), (3) and (5), where, under an order of court, the spouse of a member of the Fund has been awarded any amount to be paid out from the money standing to the credit of the member in the Fund, including any money which is payable or repayable to the Fund to the credit of the member —| (a) | if the spouse is a citizen or permanent resident of Singapore, the Board shall, as directed by the order of court —| (i) | transfer the amount to one or more designated accounts maintained, or to be maintained, for the spouse in respect of the money standing to the credit of the spouse in the Fund, such transfer —| (A) | to take place as soon as practicable after the Board has received a copy of the order of court; and | | (B) | to be in accordance with any regulations made under section 77(1) and subject to such terms and conditions as the Board may determine; or |
| | (ii) | pay the amount to the spouse, such payment to take place —| (A) | after the member has died or become entitled to withdraw the sum standing to the credit of the member under section 15(2) or 27, whichever is the earliest in time; and | | (B) | upon an application by the spouse for the withdrawal of the amount; or |
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| | (b) | if the spouse is not a citizen or permanent resident of Singapore, the Board shall pay the amount to the spouse, such payment to take place —| (i) | after the member has died or become entitled to withdraw the sum standing to the credit of the member under section 15(2) or 27, whichever is the earliest in time; and | | (ii) | upon an application by the spouse for the withdrawal of the amount. |
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(2) Subject to subsection (5), where the amount standing to the credit of a member in the Fund at the time of the transfer under subsection (1)(a)(i) or payment under subsection (1)(b), after deducting —| (a) | any amount which the Board is entitled to recover on behalf of the Government under section 14(3); and | | (b) | any amount which the Board is entitled to receive or recover on behalf of the Government under section 14A(5) or (6), |
| is less than the amount awarded under the order of court, the Board shall transfer or pay, as the case may be, the first-mentioned amount instead of the amount awarded under the order of court. |
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(3) Subject to subsection (5), where the amount standing to the credit of a member in the Fund at the time of the payment under subsection (1)(a)(ii), after deducting —| (a) | any amount which the Board is entitled to recover on behalf of the Government under section 14(3); | | (b) | any amount which the Board is entitled to receive or recover on behalf of the Government under section 14A(5) or (6); | | (c) | the amounts which the member is required to set aside under sections 15 and 16; and | | (d) | any amount which the member may be required to set aside under any condition referred to in section 27(2)(b) or (3), |
| is less than the amount awarded under the order of court, the Board shall pay the first-mentioned amount instead of the amount awarded under the order of court. |
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(4) A transfer or payment of money by the Board under subsection (2) or (3) —| (a) | shall be a good and valid discharge of the Board’s obligations under the order of court; but | | (b) | shall not affect any recourse which the spouse may have against the member for the balance of the amount awarded under the order of court. |
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(5) Where the order of court requires any amount to be paid or repaid to the Fund to the credit of the member before the Board makes any transfer or payment of money under subsection (1), (2) or (3), the Board shall not make the transfer or payment unless —| (a) | that amount has been paid or repaid to the Fund; and | | (b) | the Board has been notified, in such manner as may be prescribed by any regulations made under section 77(1), of the payment or repayment of that amount. |
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(6) The Board shall make a transfer or payment of money standing to the credit of a member of the Fund under subsection (1)(a)(i) or (b) or (2) —| (a) | notwithstanding sections 24, 25 and 26 and every restriction on withdrawal from the Fund under section 15, 16 or 27 or any regulations made under section 77(1); and | | (b) | in priority to —| (i) | every withdrawal or transfer of money standing to the credit of the member referred to in section 13(7), 15B, 16A, 17, 18, 18A, 18B, 18C, 20, 21, 21A, 21B or 22 or any regulations made under section 23 or 77 (1); and | | (ii) | every deduction which the Board is entitled to make under section 32, 45 or 54 or any regulations made under section 77(1). |
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(7) The Board shall make a payment of money standing to the credit of a member of the Fund under subsection (1)(a)(ii) or (3) —| (a) | notwithstanding sections 24, 25 and 26 and every restriction on withdrawal from the Fund under any regulations made under section 77(1); and | | (b) | in priority to —| (i) | every withdrawal or transfer of money standing to the credit of the member referred to in section 13(7), 15B, 16A, 17, 18, 18A, 18B, 18C, 20, 21, 21A, 21B or 22 or any regulations made under section 23 or 77 (1); and | | (ii) | every deduction which the Board is entitled to make under section 32, 45 or 54 or any regulations made under section 77(1). |
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| (8) The money transferred under subsection (1)(a)(i) or (2) and any interest thereon may be withdrawn in accordance with this Act for such purposes and in such manner as may be prescribed by any regulations made under section 77(1). |
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| Order of court for transfer or sale of immovable property in relation to which charge has been created under section 15 (9) or (9A) |
27C.—(1) Where —| (a) | a member of the Fund has withdrawn the minimum sum or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(9) or (9A); | | (b) | a charge has been created under section 15(9) or (9A) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons, as the case may be, to secure the payment to the Board of the minimum sum which the member is required to set aside; | | (c) | an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property to his spouse; and | | (d) | the spouse is a citizen or permanent resident of Singapore, |
| then, subject to any regulations made under section 77(1), the following provisions shall apply: |
| (i) | if the order of court requires any person to pay to the Board any amount towards covering the deficiency in the minimum sum which the member is required to set aside, that person shall pay to the Board that amount; | | (ii) | the member shall pay to the Board a further amount sufficient to cover the deficiency in the minimum sum which the member is required to set aside; | | (iii) | if —| (A) | the immovable property is subsequently sold or otherwise disposed of; and | | (B) | at the time of the sale or disposal —| (BA) | the spouse has not attained the age of 55 years; or | | (BB) | where the spouse has attained that age, there is a deficiency in the minimum sum which the spouse is required to set aside, |
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| the spouse shall pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board shall credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse; |
| | (iv) | notwithstanding section 15(15)(e), upon the transfer of the member’s estate or interest in the immovable property to the spouse, and upon payment in accordance with paragraph (i), if applicable —| (A) | the charge referred to in paragraph (b) shall cease to secure the payment to the Board of the minimum sum which the member is required to set aside; and | | (B) | the member, the spouse or any other person having an interest in the immovable property shall be entitled to have that charge cancelled, in so far as it secures the payment to the Board of the minimum sum which the member is required to set aside; |
| | (v) | if, at the time of the transfer of the member’s estate or interest in the immovable property to the spouse —| (A) | the spouse has not attained the age of 55 years; or | | (B) | where the spouse has attained that age, there is a deficiency in the minimum sum which the spouse is required to set aside, |
| there shall be a charge on the spouse’s estate or interest in the immovable property to secure the payment referred to in paragraph (iii), such charge to subsist only until such time as the spouse has set aside the minimum sum which the spouse is required to set aside; |
| | (vi) | sections 15(15)(b) to (e) and 21(12) shall apply, with the necessary modifications, to the charge under paragraph (v), and for the purposes of such application —| (A) | any reference to the charge under section 15(9) or (9A) shall be read as a reference to the charge under paragraph (v); and | | (B) | any reference to the member shall be read as a reference to the spouse; and |
| | (vii) | the charge under paragraph (v) —| (A) | shall be subject to all prior statutory rights and charges of any public authority over the immovable property; and | | (B) | notwithstanding anything in the Land Titles Act (Cap. 157) or the Registration of Deeds Act (Cap. 269) —| (BA) | shall not be subject to any encumbrance registered or notified on or after the date of the notification of the charge referred to in paragraph (b); and | | (BB) | shall rank equally with the charge referred to in paragraph (b), had it continued or if it continues to be in force, in the order of priority of interests in the immovable property. |
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(2) Except in a case to which subsection (1) applies, where —| (a) | a member of the Fund has withdrawn the minimum sum or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(9) or (9A); | | (b) | a charge has been created under section 15(9) or (9A) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons, as the case may be, to secure the payment to the Board of the minimum sum which the member is required to set aside; and | | (c) | an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property to any person, |
| the charge shall continue in force until — |
| (i) | an amount sufficient to cover the deficiency in the minimum sum which the member is required to set aside —| (A) | has been paid to the Board; or | | (B) | is no longer required by any regulations made under section 77(1) to be paid to the Board; or |
| | (ii) | the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e), |
| in which event the member, the person referred to in paragraph (c) or any other person having an interest in the immovable property shall be entitled to have the charge cancelled. |
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| Order of court for transfer or sale of immovable property in relation to which undertaking has been given under section 15 (10) or (10A) |
27D.—(1) Where —| (a) | a member of the Fund has withdrawn the minimum sum or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(10) or (10A); | | (b) | the member wholly owns, or the member and one or more other persons jointly own, an immovable property; | | (c) | the member has given an undertaking under section 15(10), or the member and the other person or persons have given an undertaking under section 15(10) or (10A), as the case may be, to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside in the event the immovable property is sold or otherwise disposed of; | | (d) | an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property to his spouse; and | | (e) | the spouse is a citizen or permanent resident of Singapore, |
| then, subject to any regulations made under section 77(1), the following provisions shall apply: |
| (i) | if the order of court requires any person to pay to the Board any amount towards covering the deficiency in the minimum sum which the member is required to set aside, that person shall pay to the Board that amount; | | (ii) | the member shall pay to the Board a further amount sufficient to cover the deficiency in the minimum sum which the member is required to set aside; | | (iii) | if —| (A) | the immovable property is subsequently sold or otherwise disposed of; and | | (B) | at the time of the sale or disposal —| (BA) | the spouse has not attained the age of 55 years; or | | (BB) | where the spouse has attained that age, there is a deficiency in the minimum sum which the spouse is required to set aside, |
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| the spouse shall pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board shall credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse; |
| | (iv) | upon the transfer of the member’s estate or interest in the immovable property to the spouse, and upon payment in accordance with paragraph (i), if applicable, the Board shall not enforce the undertaking under section 15(10) or (10A) against any person who has given that undertaking, in so far as it secures the refund to the Board of the minimum sum or part thereof which the member is required to set aside; | | (v) | if, at the time of the transfer of the member’s estate or interest in the immovable property to the spouse —| (A) | the spouse has not attained the age of 55 years; or | | (B) | where the spouse has attained that age, there is a deficiency in the minimum sum which the spouse is required to set aside, |
| the spouse shall give an undertaking to pay to the Board, in the event the property is sold or otherwise disposed of, the amount referred to in paragraph (iii); and |
| | (vi) | the Board shall not enforce any undertaking under paragraph (v) if the Board is satisfied of the occurrence of any of the following events:| (A) | the death of the spouse; | | (B) | the spouse is suffering from a terminal illness or disease; | | (C) | the spouse has complied with the requirements of section 15(2A), (6), (7B) or (8A); | | (D) | the minimum sum set aside by the spouse under section 15(6) has been exhausted on account of withdrawals made by the spouse under section 15(7); or | | (E) | the spouse satisfies any of the grounds for withdrawals under section 15(2)(b) or (c). |
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(2) Except in a case to which subsection (1) applies, where —| (a) | a member of the Fund has withdrawn the minimum sum or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(10) or (10A); | | (b) | the member wholly owns, or the member and one or more other persons jointly own, an immovable property; | | (c) | the member has given an undertaking under section 15(10), or the member and the other person or persons have given an undertaking under section 15(10) or (10A), as the case may be, to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside in the event the immovable property is sold or otherwise disposed of; and | | (d) | an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property to any person, |
| the Board shall be entitled to enforce that undertaking against every person who has given that undertaking, in so far as it secures the refund to the Board of the minimum sum or part thereof which the member is required to set aside, until — |
| (i) | the minimum sum or part thereof which the member is required to set aside —| (A) | has been refunded to the Board; or | | (B) | is no longer required by any regulations made under section 77(1) to be refunded to the Board; or |
| | (ii) | the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e), |
| in which event the Board shall not enforce that undertaking. |
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| Order of court for transfer or sale of immovable property in relation to which charge under section 21 (1) or 21A (1) exists |
27E.—(1) Where —| (a) | a member of the Fund has withdrawn any money standing to his credit in the Fund for all or any of the purposes referred to in section 21(1) or 21A (1); | | (b) | the immovable property in relation to which the money was withdrawn is purchased or owned by the member, whether solely or as a co-purchaser, joint-tenant or tenant-in-common, as the case may be, with one or more other persons; | | (c) | an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property to his spouse; and | | (d) | the spouse is a citizen or permanent resident of Singapore, |
| then, subject to any regulations made under section 77(1), the following provisions shall apply: |
| (i) | the member or, if the order of court requires any person to do so, that person shall pay to the Fund to the credit of the member —| (A) | any amount which the Board is entitled to recover on behalf of the Government under section 14(3); | | (B) | any amount which the Board is entitled to receive or recover on behalf of the Government under section 14A(5) or (6); and | | (C) | such other amount, if any, as the order of court may require to be paid to the Fund to the credit of the member; |
| | (ii) | if the immovable property is subsequently sold or otherwise disposed of, the spouse shall pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board shall credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse; | | (iii) | notwithstanding sections 21(10) and 21A (9), upon the transfer of the member’s estate or interest in the immovable property to his spouse and upon payment in accordance with paragraph (i), if applicable —| (A) | any charge under section 21(1) or 21A (1) on any estate or interest in the immovable property shall cease to secure the repayment of the money withdrawn from the Fund by the member (including the interest that would have accrued thereto if the withdrawal had not been made) and the payment of the minimum sum into the member’s retirement account; and | | (B) | the member, the spouse or any other person having an interest in the immovable property shall be entitled to have that charge cancelled, in so far as it secures the repayment of the money withdrawn from the Fund by the member (including the interest that would have accrued thereto if the withdrawal had not been made) and the payment of the minimum sum into the member’s retirement account; |
| | (iv) | there shall be a charge on the spouse’s estate or interest in the immovable property to secure —| (A) | the payment referred to in paragraph (ii); and | | (B) | the payment of the minimum sum into the spouse’s retirement account; |
| | (v) | section 21(1A), (2), (4), (5) and (7) to (12) or sections 21(12) and 21A (1A) to (4) and (6) to (9), as the case may be, shall apply, with the necessary modifications, to the charge under paragraph (iv), and for the purposes of such application —| (A) | any reference to the charge under section 21(1) or 21A (1) shall be read as a reference to the charge under paragraph (iv); and | | (B) | any reference to the member shall be read as a reference to the spouse; and |
| | (vi) | the charge under paragraph (iv) —| (A) | shall be in addition to any charge under section 21(1) or 21A (1) on any estate or interest in the immovable property to secure the repayment of any money withdrawn from the Fund (for all or any of the purposes referred to in section 21(1) or 21A (1)) by any person other than the member (including the interest that would have accrued thereto if the withdrawal had not been made) and the payment of the minimum sum into that person’s retirement account; | | (B) | shall be subject to all statutory rights and charges of any public authority over the immovable property; and | | (C) | notwithstanding anything in the Land Titles Act (Cap. 157) or the Registration of Deeds Act (Cap. 269), in the absence of any agreement as to priority —| (CA) | shall not be subject to any encumbrance registered or notified on or after the date of acceptance by the Registrar of the instrument to register or notify the charge referred to in paragraph (iii); and | | (CB) | shall rank equally with the charge referred to in paragraph (iii), had it continued or if it continues to be in force, in the order of priority of interests in the immovable property. |
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(2) Except in a case to which subsection (1) applies, where —| (a) | a member of the Fund has withdrawn any money standing to his credit in the Fund for all or any of the purposes referred to in section 21(1) or 21A (1); | | (b) | the immovable property in relation to which the money was withdrawn is purchased or owned by the member, whether solely or as a co-purchaser, joint-tenant or tenant-in-common, as the case may be, with one or more other persons; and | | (c) | an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property to any person, |
| any charge under section 21(1) or 21A (1) on any estate or interest in the immovable property shall continue in force until — |
| (i) | all moneys secured by the charge —| (A) | have been repaid to the Fund; or | | (B) | are no longer required by any regulations made under section 77(1) to be repaid to the Fund; or |
| | (ii) | the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e), |
| in which event the member, the person referred to in paragraph (c) or any other person having an interest in the immovable property shall be entitled to have the charge cancelled. |
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| Order of court for transfer or sale of HDB flat in relation to which charge has been constituted under section 21B (1) |
27F.—(1) Where —| (a) | a member of the Fund has withdrawn any money standing to his credit in the Fund for all or any of the purposes referred to in section 21B(1); | | (b) | the HDB flat in relation to which the money was withdrawn is owned by the member, whether solely or jointly with one or more other persons; | | (c) | an order of court is made requiring the transfer (other than by way of sale) of the member’s interest in the HDB flat to his spouse; and | | (d) | the spouse is a citizen or permanent resident of Singapore, |
| then, subject to any regulations made under section 77(1), the following provisions shall apply: |
| (i) | the member or, if the order of court requires any person to do so, that person shall pay to the Fund to the credit of the member —| (A) | any amount which the Board is entitled to recover on behalf of the Government under section 14(3); | | (B) | any amount which the Board is entitled to receive or recover on behalf of the Government under section 14A(5) or (6); and | | (C) | such other amount, if any, as the order of court may require to be paid to the Fund to the credit of the member; |
| | (ii) | if the HDB flat is subsequently sold or otherwise disposed of, the spouse shall pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board shall credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse; | | (iii) | notwithstanding section 21B(11), upon the transfer of the member’s interest in the HDB flat to his spouse and upon payment in accordance with paragraph (i), if applicable, any charge constituted on the HDB flat under section 21B(1) shall cease to secure —| (A) | the repayment of the money withdrawn from the Fund by the member, including the interest that would have accrued thereto if the withdrawal had not been made; and | | (B) | the payment of the minimum sum into the member’s retirement account, |
| and, if those are the only moneys secured by that charge, shall cease to be in force; |
| | (iv) | there shall be a charge constituted on the HDB flat to secure —| (A) | the payment referred to in paragraph (ii); and | | (B) | the payment of the minimum sum into the spouse’s retirement account; |
| | (v) | sections 21(12) and 21B (2), (3)(a), (b) and (d), (4) to (11) and (14) shall apply, with the necessary modifications, to the charge under paragraph (iv), and for the purposes of such application —| (A) | any reference to the charge under section 21B(1) shall be read as a reference to the charge under paragraph (iv); | | (B) | any reference to the member shall be read as a reference to the spouse; and | | (C) | any reference to an encumbrance specified in section 21B(3)(c) shall be read as a reference to an encumbrance referred to in paragraph (vii); |
| | (vi) | the charge under paragraph (iv) shall be in addition to the charge referred to in paragraph (iii), if the charge referred to in paragraph (iii) continues to be in force; and | | (vii) | notwithstanding anything in the Land Titles Act (Cap. 157) or the Registration of Deeds Act (Cap. 269), in the absence of any agreement as to priority, the charge under paragraph (iv) —| (A) | shall not be subject to any encumbrance registered or notified on or after the date of the constitution of the charge referred to in paragraph (iii); and | | (B) | shall rank equally with the charge referred to in paragraph (iii), had it continued or if it continues to be in force, in the order of priority of interests in the HDB flat. |
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(2) Except in a case to which subsection (1) applies, where —| (a) | a member of the Fund has withdrawn any money standing to his credit in the Fund for all or any of the purposes referred to in section 21B(1); | | (b) | the HDB flat in relation to which the money was withdrawn is owned by the member, whether solely or jointly with one or more other persons; and | | (c) | an order of court is made requiring the transfer or sale of the member’s interest in the HDB flat to any person, |
| any charge constituted on the HDB flat under section 21B(1) shall continue in force until — |
| (i) | all moneys secured by the charge —| (A) | have been repaid to the Fund; or | | (B) | are no longer required by any regulations made under section 77(1) to be repaid to the Fund; or |
| | (ii) | the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e). |
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| Order of court for transfer of investments |
27G.—(1) Where —| (a) | a member of the Fund has made any investment under any scheme in accordance with any regulations made under section 77(1)(n) (referred to in this section as the relevant regulations) which, but for section 24, would have been transferable to another person; | | (b) | an order of court is made requiring the transfer of the member’s interest in the investment to his spouse; and | | (c) | the spouse is a citizen or permanent resident of Singapore, |
| then, subject to subsection (2) and any regulations made under section 77(1), the following provisions shall apply: |
| (i) | the obligation to effect the transfer of the member’s interest in the investment to the spouse shall lie with the member and not the Board; | | (ii) | upon the transfer of the member’s interest in the investment to the spouse —| (A) | the spouse shall be deemed to have made the investment under the scheme and to have assumed the member’s obligations under the relevant regulations in relation to the investment; and | | (B) | the member shall cease to be liable to perform any obligation under the relevant regulations in relation to the investment; and |
| | (iii) | if the investment is subsequently sold or otherwise disposed of, the proceeds from the sale or disposal shall be dealt with in such manner as may be prescribed by any regulations made under section 77(1). |
| (2) A member’s interest in an investment shall not be transferred to his spouse under subsection (1) unless and until the spouse meets such criteria and has complied with such requirements as may be prescribed in any regulations made under section 77(1). |
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| Order of court for sale of investments |
27H.—(1) Where —| (a) | a member of the Fund has made any investment under any scheme in accordance with any regulations made under section 77(1)(n) (referred to in this section as the relevant regulations); and | | (b) | an order of court is made requiring the sale of the member’s interest in the investment, |
| then, subject to any regulations made under section 77(1), the following provisions shall apply: |
| (i) | the obligation to effect the sale of the member’s interest in the investment shall lie with the member and not the Board; | | (ii) | upon the sale of the member’s interest in the investment, the proceeds from the sale shall be dealt with in accordance with the relevant regulations; and | | (iii) | if, under any order of court, the member’s spouse is awarded the proceeds from the sale of the member’s interest in the investment or any part thereof, or any other amount to be paid out from the money standing to the credit of the member in the Fund after the proceeds have been repaid to the Fund to the credit of the member —| (A) | section 27B shall apply to the proceeds or part thereof or other amount, and the proceeds or part thereof shall be regarded as money repayable to the Fund to the credit of the member for the purposes of section 27B(1) and (5); | | (B) | where under the relevant regulations the proceeds are not immediately repayable to the Fund to the credit of the member, the obligation to initiate the repayment of the proceeds or part thereof to the Fund to the credit of the member shall lie with the member and not the Board; | | (C) | when the proceeds or part thereof have been repaid to the Fund, the member shall notify the Board of the repayment for the purposes of section 27B(5); and | | (D) | the Board shall be under no obligation to ascertain whether, or to ensure that —| (DA) | the member has complied with the order of court requiring the sale of the member’s interest in the investment; | | (DB) | the proceeds or part thereof awarded to the member’s spouse, or required to be repaid to the Fund to the credit of the member, have been repaid to the Fund; or | | (DC) | the contents of any notification of repayment given by the member for the purposes of section 27B(5) are true and correct. |
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27I.—(1) Any obligation of a member of the Fund to set aside any amount under section 15 or 16, or under any condition referred to in section 27(2)(b) or (3), shall not be affected by —| (a) | any transfer or payment of any money standing to the credit of the member under section 27B(1), (2) or (3); | | (b) | any transfer (other than by way of sale) of the member’s estate or interest in any immovable property under section 27C(1), 27D (1) or 27E (1); | | (c) | any transfer (other than by way of sale) of the member’s interest in any HDB flat under section 27F(1); | | (d) | any transfer of the member’s interest in any investment under section 27G; or | | (e) | any sale of the member’s interest in any investment under section 27H. |
(2) Where an order of court requires the Board to do anything —| (a) | the Board shall not be liable to give effect to that requirement unless the order of court has been served on the Board in such manner as may be prescribed by any regulations made under section 77(1); and | | (b) | the Board shall not be liable for any act or omission of the Board contrary to that requirement which was committed on or before the date of such service. |
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| (3) Where an order of court requires the Board to do anything in contravention of this Act, the Board shall not be liable to give effect to that requirement.”. |
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