Central Provident Fund (Amendment) Bill

Bill No. 6/1986

Read the first time on 7th March 1986.

An Act to amend the Central Provident Fund Act (Chapter 121 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.—(1) This Act may be cited as the Central Provident Fund (Amendment) Act 1986 and shall, with the exception of sections 3(b) and (c) and 4, come into operation on such date as the Minister may, by notification in the Gazette, appoint.

(2) The Minister may appoint different dates for the coming into operation of the different provisions of this Act.

(3) Sections 3(b) and (c) and 4 shall be deemed to have come into operation on 1st April 1986.

Amendment of section 2

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

(a)

by inserting, immediately after the definition of “flat”, the following definition:

“ “immovable property” includes —

(a)	any estate or interest in land comprising a building or flat which is erected or to be erected on the land;
(b)	any undivided share in any estate or interest in land comprising several flats erected or to be erected thereon;”; and

(b)

by deleting the definition of “residential property”.

Amendment of section 11A

3. Section 11A of the principal Act is amended —

(a)

by deleting the word “or (i)” at the end of subsection (1)(a) and substituting the words “, (i) or (ia)”;

(b)

by inserting, immediately after the words “section 12(2) to (5)” at the end of subsection (1)(c), the words “or section 12B”; and

(c)

by inserting, immediately after subsection (5), the following subsection:

“(6) The Board shall transfer to a member’s ordinary account any amount standing to his credit in his medisave account which is in excess of such amount as the Minister may direct from time to time.”.

New section 12B

4. The principal Act is amended by inserting, immediately after section 12A, the following section:

“Withdrawal from special account for payment of housing loan

12B. The Board may allow a member who has purchased any immovable property in accordance with regulations made under section 45 to withdraw the whole or part of the moneys standing to his credit in his special account for the payment of any housing loan taken by him for the purchase of such property.”.

Amendment of section 14

5. Section 14 of the principal Act is amended —

(a)	by deleting the words “a residential” wherever they appear in subsections (1) and (7) and substituting in each case the words “an immovable”;
(b)	by deleting the words “the residential” wherever they appear in subsections (1), (2), (3), (5) and (8) and substituting in each case the words “the immovable”;
(c)	by deleting the word “residential” wherever it appears in subsection (11) and substituting in each case the word “immovable”; and
(d)	by deleting the word “residential” in the marginal note and substituting the word “immovable”.

Amendment of section 15

6. Section 15 of the principal Act is amended by inserting, immediately after subsection (1), the following subsection:

“(1A) Precious metals and securities purchased by a member under any scheme in accordance with the regulations made under section 45 which allow members to withdraw their moneys in the Fund for the purposes of investment and the proceeds from the sale of such precious metals and securities which a member is obliged to repay into the Fund shall not be liable to be attached, sequestrated or levied upon for or in respect of any debt or claim whatsoever, and such precious metals, securities or proceeds shall not pass to the Official Assignee on the bankruptcy of such member, and if such member is adjudicated a bankrupt or is declared insolvent by a Court, such precious metals, securities or proceeds shall be deemed not to form part of the property of the member.”.

Amendment of section 45

7. Section 45(1) of the principal Act is amended —

(a)

by deleting the word “residential” in the fifth and in the seventh lines of paragraph (g) and substituting in each case the word “immovable”;

(b)

by deleting the words “a residential” in the eleventh line of paragraph (g) and substituting the words “an immovable”; and

(c)

by inserting, immediately after paragraph (i), the following paragraph:

“(ia)

to provide for members of the Fund to apply, assign or withdraw all or part of the contributions and interest standing to their credit in the Fund for the purpose of investing in such precious metals and securities as may be approved by the Minister, or for the reimbursement of the cost of the making of any such investments made before or after the commencement of the Central Provident Fund (Amendment) Act 1986, including the payment of any fees, charges or incidental expenses incurred for such investments;”.

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