Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 1999

No. S 86

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 1999

In exercise of the powers conferred by section 77(1)(m) of the Central Provident Fund Act, the Minister for Manpower, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 1999 and shall come into operation on 1st March 1999.

Amendment of regulation 6

2. Regulation 6 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) (referred to in these Regulations as the principal Regulations) is amended by inserting, immediately after the word “investment”, the words “or for any other purpose”.

New regulation 6A

3. The principal Regulations are amended by inserting, immediately after regulation 6, the following regulation:

“Members who receive loan from Government, etc.

6A. Subject to regulation 30A, no member who has applied for a loan from the Government under any approved loan scheme under section 14A of the Act or who is receiving moneys under such an approved loan scheme, shall be permitted to make any withdrawal for the purpose of investment or for any other purpose under these Regulations.”.

Amendment of regulation 24

4. Regulation 24 of the principal regulations is amended —

(a)

by deleting the word “A” in paragraph (1) and substituting the words “Subject to paragraph (9), a”; and

(b)

by inserting, immediately after paragraph (8), the following paragraph:

“(9) No member who has applied for a loan from the Government under any approved loan scheme under section 14A of the Act or who is receiving moneys under such an approved loan scheme, shall be permitted to withdraw any net realised profits under this regulation.”.

New regulation 30A

5. The principal Regulations are amended by inserting, immediately after regulation 30, the following regulation:

“Loan by Government to member

30A. Where a member has applied for a loan from the Government under any approved loan scheme under section 14A of the Act or is receiving moneys under such an approved loan scheme, the Board may, notwithstanding the member’s application or the member receiving the moneys from the Government, permit the member to withdraw the available amount to pay the future premiums in respect of an endowment insurance policy which the member has purchased under these Regulations or to pay the charges imposed by an approved bank under these Regulations, subject to such terms and conditions as the Board may impose.”.

[G.N. Nos. S432/98; S521/98; S548/98; S43/99]

Made this 27th day of February 1999.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM S 2.4.3/80 V3; AG/LEG/SL/36/97/8 Vol.1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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