Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 1997

Status:

Published in Subsidiary Legislation Supplement
on 31 Jan 1997

No. S 24

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 1997

In exercise of the powers conferred by section 77(1)(h) of the Central Provident Fund Act, the Minister for Labour, after consultation 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 1997 and shall come into operation on 31st January 1997.

Amendment of regulation 17

2. Regulation 17 of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) is amended by deleting the words “5 or 6” and substituting the words “4A, 5, 6, 8A, 9A, 11 or 22”.

New regulation 17B

3. The Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) are amended by inserting, immediately after regulation 17A, the following regulation:

“Withdrawal for payment of share in common property transferred by Housing and Development Board

17B.—(1) Where the member is liable as the owner of a residential property to pay for a share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act (Cap. 158), the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him for —

(a)	full or partial payment for his share in the common property;
(b)	periodic payments towards the repayment of a loan or for full or partial repayment of a loan; and
(c)	payment of costs, fees or other incidental expenses arising from the transfer of the common property, the obtaining of the loan or the withdrawal of moneys under this regulation.

(2) All moneys withdrawn from the Fund under this regulation shall be paid by the Board to the Housing and Development Board or such other persons as the Board thinks fit to receive such moneys.

(3) The total amount that may be withdrawn by a member under this regulation shall not exceed the amount determined by the Board.

(4) In this regulation —

“common property” has the same meaning as in section 3 of the Land Titles (Strata) Act (Cap. 158);

“loan” means a loan obtained by a member, the repayment of which is secured by a mortgage on any residential property of which he is the owner or joint-owner, to pay in whole or in part for that member's share in the common property;

“relevant property” means the residential property, including the common property, which will be comprised in a subsidiary strata title issued to the owner pursuant to the application under section 126 of the Land Titles (Strata) Act (Cap. 158).

(5) Notwithstanding the definition of “loan” in paragraph (4), the Board may, in its discretion and subject to such terms and conditions as it may impose, allow a member to withdraw money under this regulation even if the loan obtained by the member is not secured by a mortgage on any residential property of which he is the owner or joint‑owner.

(6) Where a member has withdrawn moneys under this regulation, regulations 18 to 21 shall apply as if the words “residential property” therein refers to “relevant property”.”.

[G.N. Nos. S 478/92; S 387/93; S 482/95; S 341/96]

Made this 28th day of January 1997.

MOSES LEE KIM POO

Permanent Secretary,
Ministry of Labour,
Singapore.

[ML 002/80; AG/SL/19/95/12]

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

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