Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 2010

No. S 819

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 2010

In exercise of the powers conferred by section 77(1)(n) 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 (Investment Schemes) (Amendment No. 2) Regulations 2010 and shall come into operation on 1st January 2011.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) (referred to in these Regulations as the principal Regulations) is amended by deleting the definition of “approved corporation”.

Amendment of regulation 35

3. Regulation 35 of the principal Regulations is amended —

(a)	by inserting, immediately after the words “ordinary account of the member” in paragraph (2), the words “or the general moneys of the Fund, in accordance with sections 26 to 26D of the Act, as the case may be,”; and
(b)	by inserting, immediately after the words “the member’s ordinary account” in paragraph (3)(b), the words “or the general moneys of the Fund, in accordance with sections 26 to 26D of the Act, as the case may be”.

Amendment of regulation 43

4. Regulation 43 of the principal Regulations is amended by deleting paragraph (3) and substituting the following paragraph:

“(3) Where —

(a)

a member has purchased or acquired pursuant to any investment scheme introduced under Part IV, and has not withdrawn with the approval of the Board under regulation 40(1)(b), any securities;

(b)

those securities are shares designated under section 26A(1) of the Act; and

(c)

either of the following applies:

(i)	the member died before 1st January 1996; or
(ii)	the member died on or after 1st January 1996, and no person has been nominated by the member under section 25(1) of the Act to receive those securities or any portion thereof,

the member’s obligation to repay into the Fund the proceeds and benefits of those securities or of that portion thereof, as the case may be, shall cease upon the Board being notified of his death.”.

New regulation 43A

5. The principal Regulations are amended by inserting, immediately after regulation 43, the following regulation:

“Notification of member’s death

43A. For the purposes of these Regulations, the Board is notified of a member’s death if it has received satisfactory proof of, or obtained reliable information on, the member’s death from any person, and such proof of death or information may be received or obtained before, on or after 1st January 2011.”.

[G.N. Nos. S 723/2006; S 514/2007; S 704/2007; S 145/2008; S 511/2008; S 85/2009; S 179/2009; S 335/2010]

Made this 29th day of December 2010.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V54; AG/LLRD/SL/36/2010/18 Vol. 1]

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

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