No. S 253
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 2007
In exercise of the powers conferred by section 77(1)(h) of the Central Provident Fund Act, the Minister for Manpower, after consulting 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 (Residential Properties Scheme) (Amendment) Regulations 2007 and shall come into operation on 15th June 2007.
Amendment of regulation 26
2.  Regulation 26 of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) is amended by inserting, immediately after paragraph (2), the following paragraph:
“(3)  In this regulation, “net proceeds”, in relation to any residential property which is sold, transferred, assigned or disposed of, means any positive difference between —
(a)the consideration for the sale, transfer, assignment or disposal of the residential property, or, if the Board so elects, the value of the residential property at the time of the sale, transfer, assignment or disposal as assessed by the Board; and
(b)the aggregate of the following amounts paid in the following order:
(i)any amount under a housing loan for the purchase of the residential property which has not been repaid; and
(ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund.”.

Made this 30th day of May 2007.

LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMC 29/68-07 TF1; AG/LEG/SL/36/2005/2 Vol. 1]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).
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