Central Provident Fund (Withdrawals for Purchase of Shares) Regulations

Central Provident Fund Act

(Chapter 36, Section 77(1)(l))

Central Provident Fund
(Withdrawals for Purchase of Shares)
Regulations

Rg 5

G.N. No. S 89/1978

REVISED EDITION 1998

(1st January 1998)

[26th April 1978]

Citation

1. These Regulations may be cited as the Central Provident Fund (Withdrawals for Purchase of Shares) Regulations.

Definitions

2. In these Regulations —

“Company” means the Singapore Bus Service (1978) Limited, a company incorporated under the Companies Act (Cap.50), before the change in name to DelGro Corporation Limited;

[S 541/97 wef 10/12/1997]

“dealer” has the same meaning as in the Securities Industry Act (Cap. 289);

“"Depository" and “Depository Register”” have the same meanings as in section 130A of the Companies Act;

“new Company” means DelGro Corporation Limited, a company incorporated under the Companies Act;

[S 541/97 wef 10/12/1997]

“stockbroker” has the same meaning as in the Securities Industry Act.

Member may withdraw up to $5,000

3.—(1) Any member of the Fund who is of the age of 21 years or above may withdraw up to $5,000 of the moneys standing to his credit in the Fund for the purchase of fully paid-up shares of $1 each in the Company.

(2) The amount of money that is withdrawn for the purchase of each unit of such shares shall not exceed the par value or market value of the share, whichever is the lower.

Application and authorisation

4. Where at any time a member has entered into an agreement with —

(a)	the Company;
(b)	a dealer; or
(c)	a stockbroker,

for the purchase of shares in the Company, the Board may, on the application of the member and subject to such conditions, limitations and procedures as the Board may impose and to such conditions as are specified in these Regulations, authorise the whole or part of the amount standing to the credit of the member in the Fund to be withdrawn for the purchase of the shares and to be paid to the seller on account of the purchase of the shares.

Application in Board’s forms

5. An application for the withdrawal of moneys in the Fund in accordance with these Regulations shall be made in writing to the Board in such form as the Board may require and the applicant shall furnish the Board with such information and documentary proof of the purchase of shares in the Company as the Board may require.

Conditions

6.—(1) Any shares in the Company purchased on or after 1st June 1994 by a member with moneys withdrawn from the Fund in accordance with these Regulations shall be registered in the Depository Register maintained by the Depository in the name of the member and be charged in favour of the Board in accordance with section 130N of the Companies Act (Cap. 50).

(2) Any shares in the Company purchased before 1st June 1994 by a member with moneys withdrawn from the Fund in accordance with these Regulations shall be —

(a)	registered in the name of DBS Nominees (Private) Limited, a company incorporated under the Companies Act (Cap. 50), in the Depository Register maintained by the Depository; or
(b)	registered and charged in the manner provided under paragraph (1).

(3) Subject to this regulation, a member shall not create any security interest in the shares of the Company.

Repayment on sale

7.—(1) Any member who sells any shares in the Company purchased with money withdrawn from the Fund in accordance with these Regulations shall forthwith repay to the Board —

(a)	such sums of money as have been withdrawn from the Fund for the purchase of those shares; or
(b)	the whole proceeds of the sale,

whichever amount is the less.

(2) Paragraph (1) shall not apply to —

(a)	a member of the Fund who is entitled to withdraw money standing to his credit under section 15 of the Act; or
(b)	a sale made by the legal personal representatives of a deceased member. [G.N. Nos.S 89/78; S 235/94]

(3) This regulation applies to a member who sells shares in the new Company to which the member is entitled by virtue of having purchased shares in the Company with money withdrawn from the Fund in accordance with these Regulations to the same extent as if the member were selling shares in the Company.

[S 541/97 wef 10/12/1997]

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