Central Provident Fund (Non-Residential Properties Scheme) (Amendment) Regulations 2001

No. S 107

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Non-residential Properties Scheme) (Amendment)
Regulations 2001

In exercise of the powers conferred by section 77(1)(h) 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 (Non-Residential Properties Scheme) (Amendment) Regulations 2001 and shall come into operation on 1st March 2001.

Amendment of regulation 2

2. Regulation 2(1) of the Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10) (referred to in these Regulations as the principal Regulations) is amended by deleting the definition of “loan” and substituting the following definition:

“ “loan” means a loan —

(a)	obtained by a member to finance or re-finance in whole or in part the purchase of a property; or
(b)	to make full or periodic payment towards the repayment of a mortgage on any property inherited by a member if the mortgage was obtained solely for the purchase of that property,

including the payment of any costs, fees, stamp duties or other incidental expenses incurred in connection with paragraph (a) or (b).”.

Amendment of regulation 4

3. Regulation 4 (1) of the principal Regulations is amended by deleting the words “for the purchase of property” in the 2nd line.

Amendment of regulation 5

4. Regulation 5 of the principal Regulations is amended by deleting the words “for the purchase of a property” in the 2nd line.

Deletion and substitution of regulations 7 and 8

5. Regulations 7 and 8 of the principal Regulations are deleted and the following regulations substituted therefor:

“Maximum withdrawal limit under regulations 3, 4, 5A and 5B

7. The total amount which may be withdrawn by a member to pay one or more loans under regulations 3, 4, 5A and 5B shall be determined by the Board but in no case shall such amount exceed 70% of the value of the property as assessed by the Board at the date of —

(a)	the signing of the agreement for the sale and purchase of the property; or
(b)	the inheritance of the property,

as the case may be.

Maximum withdrawal limit under these Regulations

8.—(1) The total amount which may be withdrawn by a member under these Regulations for any one or both of the purposes specified in paragraph (2) shall not exceed 70% of the value of the property as assessed by the Board at the date of —

(a)	the signing of the agreement for the sale and purchase of the property; or
(b)	the inheritance of the property,

as the case may be.

(2) The purposes referred to in paragraph (1) are —

(a)	to make full or partial payment towards the purchase of a property; or
(b)	to make periodic payments towards the repayment of a loan or to make full or partial repayment of a loan.”.

Amendment of regulation 10

6. Regulation 10 of the principal Regulations is amended by deleting the words “section 21 (1) (c)” in the 4th line and substituting the words “section 21 (1) (d)”.

Amendment of regulation 11

7. Regulation 11 (2) of the principal Regulations is amended by inserting, immediately after the word “purchased” in the 1st line, the words “or inherited”.

Amendment of regulation 13

8. Regulation 13 of the principal Regulations is amended —

(a)

by inserting, immediately after the word “property” in the 2nd line of paragraph (1), the words “or repayment of a loan”; and

(b)

by deleting sub-paragraph (b) of paragraph (1) and substituting the following sub-paragraph:

“(b)

a period of one year has passed after —

(i)	the signing of the agreement for the sale and purchase of the first-mentioned property;
(ii)	full repayment of the loan on the first-mentioned property; or
(iii)	such other date as the Board may determine in the circumstances of any particular case,

whichever is the earlier.”.

[G.N. Nos. S 87/99; S562/99]

Made this 27th day of February 2001.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 2/80 V19; AG/LEG/SL/36/1997/8 Vol. 2]

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

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