Central Provident Fund (Approved Middle-Income Housing Scheme) (Amendment) Regulations 2006

Status:

Published in Subsidiary Legislation Supplement
on 28 Jun 2006

No. S 363

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Approved Middle-income Housing Scheme) (Amendment) Regulations 2006

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 (Approved Middle-Income Housing Scheme) (Amendment) Regulations 2006 and shall come into operation on 1st July 2006.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately before the definition of “Company”, the following definitions:

“ “approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;

“approved bank” means any bank approved by the Board;

“bank” has the same meaning as in the Banking Act (Cap. 19);”;and

(b)

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

“ “insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;”.

Amendment of regulation 8

3. Regulation 8 of the principal Regulations is amended by deleting paragraph (2) and substituting the following paragraph:

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

(a)

a member of the Fund who —

(i)	is entitled to withdraw the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) of the Act and has complied with the requirements for such withdrawal; and
(ii)	does not withdraw the minimum sum or any part thereof from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer under section 15(7A)(a), (b) or (ba) of the Act; or

(b)

a member of the Fund who is entitled to withdraw the sum standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act and has complied with the requirements for such withdrawal.”.

Deletion and substitution of regulation 9

4. Regulation 9 of the principal Regulations is deleted and the following regulation substituted therefor:

“Board may permit sale, mortgage, etc., to person other than Company on conditions

9. The Board may permit a member of the Fund who has withdrawn moneys under these Regulations for the purchase of a property (including any moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid) to sell, mortgage, lease, transfer or assign the property to, or execute a charge on the property in favour of, a person other than the Company —

(a)

where the member of the Fund is not entitled to withdraw the sum standing to his credit in the Fund under section 15(2) of the Act, if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund of —

(i)	the moneys withdrawn by him under these Regulations for the purchase of the property (including any moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made; or
(ii)	the net proceeds of the sale, mortgage, lease, transfer, assignment or charge, as the case may be,

whichever is the less; or

(b)

where the member of the Fund —

(i)	withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(ii)	withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15 (7A)(a), (b) or (ba) of the Act,

if the member repays into his account in the Fund the moneys withdrawn by him under these Regulations for the purchase of the property (including the moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.”.

[G.N. Nos. S 167/2002; S 357/2005]

Made this 9th day of June 2006.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 19/74 V8; AG/LEG/SL/36/2005/22 Vol. 1]

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

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