Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 2009

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Published in Subsidiary Legislation Supplement
on 01 May 2009

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No. S 188

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 2009

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 2009 and shall come into operation on 1st May 2009.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately after the definition of “bank”, the following definition:

“ “HDB flat” means a house or flat sold under Part IV or IVB of the Housing and Development Act (Cap. 129) which has been acquired by the member in question whether directly from the Housing and Development Board or otherwise;”; and

(b)

by inserting, immediately after the definition of “insurer”, the following definition:

“ “Lease Buyback Scheme” means a scheme by that name administered by the Housing and Development Board under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money part of which is to be used for the purchase of an annuity from the Board;”.

Amendment of regulation 25

3. The principal Regulations are amended by renumbering regulation 25 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraph:

“(2) Paragraph (1) does not apply to the reduction of the term of the lease of the residential property, being an HDB flat, pursuant to an agreement entered into between the member and the Housing and Development Board under the Lease Buyback Scheme.”.

Amendment of regulation 26

4. Regulation 26 of the principal Regulations is amended by inserting, immediately after paragraph (3), the following paragraph:

“(3A) Paragraphs (1), (2) and (3) do not apply to the reduction of the term of the lease of the residential property, being an HDB flat, pursuant to an agreement entered into between the member and the Housing and Development Board under the Lease Buyback Scheme.”.

[G.N. Nos. S 253/2007; S 512/2007; S 584/2007; S 703/2007]

Made this 28th day of April 2009.

BENNY LIM

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).