Central Provident Fund (Lease Buyback Scheme) (Exemption) Order 2009

Status:

Published in Subsidiary Legislation Supplement
on 30 Apr 2009

No. S 190

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Lease Buyback Scheme) (Exemption) Order 2009

In exercise of the powers conferred by section 69 of the Central Provident Fund Act, the Minister for Manpower hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Central Provident Fund (Lease Buyback Scheme) (Exemption) Order 2009 and shall come into operation on 1st May 2009.

Definitions

2. In this Order —

“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;

“Housing and Development Board” means the Housing and Development Board established under the Housing and Development Act;

“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.

Exemption

3. A member of the Fund who —

(a)	is a lessee of an HDB flat; and
(b)	has been approved by the Housing and Development Board to take part in the Lease Buyback Scheme,

is exempted from sections 15(11), 27D(1)(iii), 27E(1)(ii) and 27F(1)(ii) of the Act (whichever is applicable) in respect of the reduction of the term of the lease in the HDB flat pursuant to an agreement which he has entered into with the Housing and Development Board under the Scheme.

Made this 28th day of April 2009.

BENNY LIM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 29/68-07 TF1; AG/LEG/SL/36/2005/35 Vol. 1]

Search within Legislation