12. The principal Act is amended by inserting, immediately after section 26, the following sections:“Distribution and disposal of certain shares on death of member who died before 1st January 1996 or has not executed memorandum under section 25(1) |
26A.—(1) Upon the death of a member who died before 1st January 1996, or who has not executed any memorandum under section 25(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as the Minister may designate belonging to the member at the time of his death which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board and shall not form part of the estate of the deceased member.(2) The Board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 terms and conditions as the Board may impose, transfer the shares vested in the Board under subsection (1) to —(a) | the securities account, if any, belonging to and in the sole name of the deceased member; or | (b) | if the deceased member does not have any securities account in his sole name, the securities account opened and operated by the personal representatives of the deceased member on behalf and for the benefit of the estate of the deceased member. |
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(3) The following shall be a discharge to the Board in respect of the shares vested in the Board under subsection (1):(a) | the transfer of those shares in accordance with subsection (2)(a); | (b) | the transfer of those shares in accordance with subsection (2)(b), and the receipt of the personal representatives of the deceased member in respect of those shares. |
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(4) Where any document or information is necessary for effecting the transfer, in accordance with subsection (2), of any shares vested in the Board under subsection (1), the Board may, by notice to any person who possesses that document or information, require that person to furnish that document or information to the Board within such reasonable period as may be specified in the notice. |
(5) The Board may recover the whole or any part of any fee or charge in connection with the transfer, in accordance with subsection (2), of the shares vested in the Board under subsection (1) from the personal representatives of the deceased member. |
(6) Notwithstanding subsection (2), the Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if —(a) | the Board is for any reason unable to transfer those shares in accordance with subsection (2); | (b) | the 7th anniversary of the day of the member’s death has passed; or | (c) | there exist such other circumstances as may be prescribed in those regulations. |
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(7) Where the Board has sold, under subsection (6), any shares vested in the Board under subsection (1) —(a) | the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; | (b) | the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay the proceeds of the sale of the shares (after making any deduction under paragraph (a)) —(i) | to the personal representatives of the deceased member; or | (ii) | if to the best of the Board’s knowledge the deceased member does not have any personal representatives, and if the proceeds of the sale of the shares do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and |
| (c) | the following shall be a discharge to the Board in respect of the shares sold under subsection (6):(i) | the receipt of the personal representatives of the deceased member for the proceeds of the sale of the shares, if paragraph (b)(i) applies; or | (ii) | the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (b)(ii) applies. |
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(8) Subsection (7) shall not affect any recourse which any person may have against a proper claimant for any amount paid to the proper claimant under subsection (7)(b)(ii). |
(9) Where the Board is for any reason unable to pay the proceeds of the sale of the shares (after making any deduction under subsection (7)(a)) in accordance with subsection (7)(b), the Board shall pay those proceeds into the general moneys of the Fund. |
(10) For the avoidance of doubt, subsection (9) does not preclude the Board from paying the proceeds of the sale of the shares (after making any deduction under subsection (7)(a)) in accordance with subsection (7)(b) after those proceeds have been paid into the general moneys of the Fund. |
(11) In this section —“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam; |
“parent” includes an adoptive parent; |
“proper claimant” means a person who —(a) | claims to be entitled to the proceeds of the sale of the shares vested in the Board under subsection (1) as executor of the deceased member; or | (b) | claims to be entitled to the proceeds of the sale of the shares vested in the Board under subsection (1) (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased member. |
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Disposal of certain shares and dividends, etc., when member’s accounts in Fund deemed to be dormant |
26B.—(1) When a member’s accounts in the Fund are deemed to be dormant, such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time those accounts are deemed to be dormant which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board.(2) The Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if the 7th anniversary of the day the member’s accounts in the Fund are deemed to be dormant has passed. |
(3) Where the Board has sold, under subsection (2), any shares vested in the Board under subsection (1) —(a) | the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; and | (b) | the Board shall pay the proceeds of the sale of the shares (after making any deduction under paragraph (a)) into the general moneys of the Fund. |
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(4) Where the Board has paid the proceeds of the sale of the shares into the general moneys of the Fund under subsection (3)(b), if the Board is satisfied that the member was still alive at the time the shares were sold under subsection (2), the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account those proceeds (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if those proceeds had been paid into the member’s ordinary account instead of the general moneys of the Fund). |
(5) Where the Board has received any dividends, returned paid-up share capital or other moneys in respect of any shares vested in the Board under subsection (1), the Board shall pay the dividends, capital or other moneys into the general moneys of the Fund. |
(6) Where the Board has paid into the general moneys of the Fund any dividends, returned paid-up share capital or other moneys under subsection (5), if the Board is satisfied that the member was still alive at the time of the payment, the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account the dividends, capital or other moneys (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the dividends, capital or other moneys had been paid into the member’s ordinary account instead of the general moneys of the Fund). |
(7) The transfer of the proceeds of the sale of the shares in accordance with subsection (4), and the transfer of the dividends, returned paid-up share capital or other moneys in accordance with subsection (6), shall be a discharge to the Board in respect of the shares vested in the Board under subsection (1). |
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Payment of dividends, etc., in respect of certain shares before Board is notified of death of member |
26C.—(1) Where the Board has received, after the death of a member any dividends, returned paid-up share capital or other moneys in respect of any shares belonging to the member (being such shares or class of shares in any approved corporation as the Minister may designate), the Board shall, notwithstanding any written or other law, be entitled to pay the dividends, capital or other moneys into the ordinary account of the member until such time as the Board is notified, in such manner as may be prescribed by any regulations made under section 77(1), of the death of the member.(2) Any such dividends, returned paid-up share capital or other moneys paid into the ordinary account of the member under subsection (1) shall be dealt with in accordance with sections 20(1)(b) and (1A) and 25. |
(3) This section shall apply to all such dividends, returned paid-up share capital or other moneys whenever paid by the Board into the ordinary account of the member after his death. |
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Payment of dividends, etc., in respect of certain shares after Board is notified of death of member |
26D.—(1) Where the Board has received any dividends, returned paid-up share capital or other moneys in respect of any shares belonging to a deceased member (being such shares or class of shares in any approved corporation as the Minister may designate) after the Board has been notified, in such manner as may be prescribed by any regulations made under section 77(1) for the purposes of section 26C(1), of the death of the member, the Board shall, notwithstanding any written or other law, be entitled to pay the dividends, capital or other moneys into the general moneys of the Fund.(2) Where any such dividends, returned paid-up share capital or other moneys have been paid into the general moneys of the Fund under subsection (1), the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay out the dividends, capital or other moneys from the general moneys of the Fund —(a) | in any case where the member has executed a memorandum under section 25(1) and dies on or after 1st January 1996, in accordance with sections 20(1)(b) and (1A) and 25; or | (b) | in any other case —(i) | to the personal representatives of the deceased member; or | (ii) | if to the best of the Board’s knowledge the deceased member does not have any personal representatives, and if the dividends, capital or other moneys do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant. |
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(3) The receipt of the personal representatives of the deceased member shall be a discharge to the Board for the dividends, returned paid-up share capital or other moneys that are paid to the personal representatives under subsection (2)( b)(i). |
(4) The receipt of the proper claimant shall be a discharge to the Board for the dividends, returned paid-up share capital or other moneys that are paid to the proper claimant under subsection (2)(b)(ii). |
(5) In this section —“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam; |
“parent” includes an adoptive parent; |
“proper claimant” means a person who —(a) | claims to be entitled to the dividends, returned paid-up share capital or other moneys paid into the general moneys of the Fund under subsection (1) as executor of the deceased member; or | (b) | claims to be entitled to the dividends, returned paid-up share capital or other moneys paid into the general moneys of the Fund under subsection (1) (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased member.”. |
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