Central Provident Fund (Amendment) Bill

Bill No. 23/1995

Read the first time on 7th July 1995.

An Act to amend the Central Provident Fund Act (Chapter 36 of the 1994 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Central Provident Fund (Amendment) Act 1995 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 14

2. Section 14 of the Central Provident Fund Act (referred to in this Act as the principal Act) is amended —

(a)

by deleting the words “the ordinary account of that person” in the fourth and fifth lines of subsection (1) and substituting the words “such account of that person as the Minister may direct”; and

(b)

by deleting subsection (2) and substituting the following subsection:

“(2) Any cash grant paid into the Fund under subsection (1) shall be deemed to be contributions for the purposes of this Act and such cash grant or interest thereon may be withdrawn under the provisions of this Act or any regulations made thereunder for such purposes and in such manner as may be prescribed by the regulations.”.

New section 18A

3. The principal Act is amended by inserting, immediately after section 18, the following section:

“Transfer of member’s moneys in ordinary account to retirement account

18A. The Board may, subject to such term and condition as it may impose, permit a member to transfer such portion of the sum standing to his credit in the ordinary account as may be prescribed to his retirement account.”.

Amendment of section 26

4. Section 26(1) of the principal Act is amended by inserting, immediately after the words “section 20(1)” in the last line, the words “or of any shares designated under section 26A(1)”.

New section 26A

5. The principal Act is amended by inserting, immediately after section 26, the following section:

“Power of Board to distribute and dispose of certain shares on death of member

26A.—(1) Upon the death of a member of the Fund who has executed a memorandum under section 26(1), such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time of his death which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board and shall not form part of the estate of the deceased member.

(2) The Board shall, as soon as practicable and subject to such term and condition as the Board may impose, transfer the shares vested in the Board under subsection (1) to the person or persons nominated by the deceased member to receive in his or their own right such portions of the shares as indicated in the memorandum executed under section 26(1) and the receipt of such person or persons shall be a discharge to the Board in respect of the shares.

(3) Where the Board is for any reason not able to transfer any shares to a person who is entitled to receive them under subsection (2), the Board shall sell those shares in such manner and at such time as may be prescribed.

(4) Where the Board has sold any shares under subsection (3), the Board shall as soon as practicable pay the proceeds of sale of the shares to the person referred to in that subsection, and the receipt by such person of those proceeds shall be a discharge to the Board in respect of the shares.

(5) For the purposes of this section —

“approved corporation” means any corporation approved by the Minister;

“corporation” means —

(a)	any company which is incorporated in Singapore and wholly or partly owned by the Government and includes any subsidiary of such a company which is incorporated in Singapore; and
(b)	any subsidiary of a statutory board which is incorporated in Singapore;

“shares” includes warrants, transferable subscription rights, options to subscribe for shares, convertibles and other security interests arising from or accruing or attaching to the shares.

(6) A memorandum executed under section 26(1) by any member of the Fund shall, if valid immediately before the commencement of the Central Provident Fund (Amendment) Act 1995, be deemed to apply to any shares designated under subsection (1).

(7) This section shall not apply to any member of the Fund who died before the commencement of the Central Provident Fund (Amendment) Act 1995.”.

Search within Legislation