Central Provident Fund (Amendment) Bill

Bill No. 43/1970

Read the first time on 4th November 1970.

An Act to amend the Central Provident Fund Ordinance (Chapter 150 of the 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, 1970, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 11

2. Section 11 of the Central Provident Fund Ordinance (hereinafter in this Act referred to as “the Ordinance”) is hereby amended by deleting the words “at two and one half per centum per annum and credited to the member of the Fund before such withdrawal notwithstanding that the rate of interest subsequently declared by the Board in respect of that year may be greater than two and one half per centum per annum” appearing in the proviso to subsection (2) thereof and substituting therefor the words “at the rate declared by the Board for the preceding year, or at such lower rate not being less than two and one half per centum per annum as the Board may determine”.

Amendment of section 12

3. Subsection (2) of section 12 of the Ordinance is hereby amended —

(a)

by inserting immediately after paragraph (b) thereof the following new paragraph: —

“(c)	being a citizen of Malaysia, has left or is about to leave Singapore permanently for the States of Malaya in such cases or circumstances as the Minister may approve; or”; and

(b)

by re-lettering the existing paragraphs (c) and (d) thereof as paragraphs (d) and (e) respectively.

Amendment of section 13

4. Section 13 of the Ordinance is hereby amended by deleting the word “shall” appearing in the eighth line of the proviso to subsection (1) thereof and substituting therefor the words “may in the discretion of the Board”.

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