Central Provident Fund (Withdrawals for Purchase of Shares) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 01 Apr 2003

No. S 169

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Withdrawals for Purchase of Shares) Regulations 2003

In exercise of the powers conferred by section 77(1)(m) 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 (Withdrawals for Purchase of Shares) Regulations 2003 and shall come into operation on 1st April 2003.

Definitions

2. In these Regulations, unless the context otherwise requires —

“ComfortDelGro” means the ComfortDelGro Corporation Limited, a company incorporated under the Companies Act (Cap. 50);

“ComfortDelGro shares” means shares in ComfortDelGro allotted to a member in exchange for shares in the Company purchased by him with money withdrawn from the Fund in accordance with the revoked Regulations;

“Company” means the DelGro Corporation Limited formerly known as the Singapore Bus Service (1978) Limited, a company incorporated under the Companies Act (Cap. 50);

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

“revoked Regulations” means the Central Provident Fund (Withdrawals for Purchase of Shares) Regulations (Rg 5) revoked by these Regulations.

Registration of shares

3.—(1) Any shares in ComfortDelGro allotted to a member in exchange for shares in the Company purchased by him on or after 1st June 1994 with money withdrawn from the Fund in accordance with the revoked Regulations shall be registered in the Depository Register maintained by the Depository in the name of the member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.

(2) Any shares in ComfortDelGro allotted to a member in exchange for shares in the Company purchased by him before 1st June 1994 with money withdrawn from the Fund in accordance with the revoked Regulations shall be —

(a)	registered in the name of DBS Nominees (Private) Limited, a company incorporated under the Companies Act, 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 any ComfortDelGro shares.

Sale of shares

4.—(1) Any member who sells any ComfortDelGro shares shall immediately repay to the Board —

(a)	such sums of money as have been withdrawn from the Fund for the purchase of shares in the Company for which such ComfortDelGro shares were allotted; or
(b)	the whole proceeds of sale,

whichever is the less.

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

(a)	a member 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.

Revocation

5. The Central Provident Fund (Withdrawals for Purchase of Shares) Regulations (Rg 5) are revoked.

Made this 31st day of March 2003.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM S 3/77 V3; AG/LEG/SL/36/2002/1 Vol. 1]

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

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