Central Provident Fund (Non-Residential Properties Scheme) (Amendment No. 4) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 24 Dec 2007

No. S 705

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Non-residential Properties Scheme) (Amendment No. 4) Regulations 2007

In exercise of the powers conferred by section 77 (1)(h) and (ra) 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.—(1) These Regulations may be cited as the Central Provident Fund (Non-Residential Properties Scheme) (Amendment No. 4) Regulations 2007 and shall, with the exception of regulation 3(e), come into operation on 1st January 2008.

(2) Regulation 3(e) shall be deemed to have come into operation on 1st November 2007.

New regulation 5A

2. The Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10) are amended by inserting, immediately after regulation 5, the following regulation:

“Withdrawal for payment upon transfer (other than by way of sale) of property

5A.—(1) Where a member (referred to in this paragraph as the transferor), being a joint-owner of a property, will or is required to transfer (other than by way of sale) his estate or interest in the property to another member (referred to in this paragraph as the transferee), also being a joint-owner of the property, the transferee may apply to the Board to withdraw the whole or any part of the amount standing to the transferee’s credit in the Fund for the payment of any amount which the transferor is required, under these Regulations, to pay to the transferor’s account in the Fund upon the transfer.

(2) The Board may approve an application under paragraph (1) subject to such terms and conditions as it may impose.”.

Miscellaneous amendments

3. The Central Provident Fund (Non-Residential Properties Scheme) Regulations are amended —

(a)

by inserting, immediately after the word “purchase” wherever it appears in the following provisions, the words “or acquisition”:

Regulations 2 (1) (paragraphs (a) and (b) of the definition of “loan”), 5 (regulation heading), 11(2)(a) and 19(5) (paragraph (b)(i) of the definition of “net proceeds”);

(b)

by inserting, immediately after the word “purchased” in regulation 5(1), the words “or acquired”;

(c)

by deleting the words “sale and purchase” in the following provisions and substituting in each case the words “purchase or acquisition”:

Regulations 10 (a) and 11(1)(a);

(d)

by inserting, immediately after the word “purchased” in the following provisions, the word “, acquired”:

Regulations 12 (2) and 15(2); and

(e)

by deleting the words “housing” and “residential” in paragraph (b)(i) of the definition of “net proceeds” in regulation 19(5).

[G.N. Nos. S 254/2007; S511/2007; S 585/2007]

Made this 21st day of December 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V52; AG/LEG/SL/36/2005/25 Vol. 1]

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

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