Central Provident Fund (Investment Schemes) (Amendment) Regulations 1996

Status:

Published in Subsidiary Legislation Supplement
on 23 Aug 1996

No. S 367

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment) Regulations 1996

In exercise of the powers conferred by section 77(1)(m) of the Central Provident Fund Act, the Minister for Labour, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:

1.—(1) These Regulations may be cited as the Central Provident Fund (Investment Schemes) (Amendment) Regulations 1996 and shall, with the exception of regulation 3, be deemed to have come into operation on 28th June 1996.

(2) Regulation 3 shall be deemed to have come into operation on 1st July 1995.

2. Regulation 26 of the Central Provident Fund (Investment Schemes) Regulations is amended —

(a)

by deleting paragraph (2) and substituting the following paragraph:

“(2) Where in the month of March, June, September or December of each year the amount in a member’s CPF Investment Account exceeds $1,000, the approved bank shall, not earlier than 3 working days before the last day of that month, transfer the amount in excess of $1,000 from the member’s CPF Investment Account to the Board to be credited to the member’s Ordinary Account.”; and

(b)

by inserting, immediately after paragraph (4), the following paragraph:

“(5) Where a member has transferred the whole or part of the available amount in his Ordinary Account to his CPF Investment Account for the purpose of purchasing shares offered under an initial public offer but is unsuccessful in his purchase, the approved bank shall, not earlier than 3 working days before the last day of the month in which the available amount or part thereof was refunded to the member’s CPF Investment Account by the company which made the initial public offer or by its agent, transfer the available amount or part thereof from the member’s CPF Investment Account to the Board to be credited to the member’s Ordinary Account.”.

[Rg 9.]

[G.N. Nos.]

[S 68/95]

[S 281/95]

3. Regulation 27 of the Central Provident Fund (Investment Schemes) Regulations is deleted and the following regulation substituted therefor:

“Entitlement of member who reaches age of 55 years

27. Subject to the Act and the Central Provident Fund (Minimum Sum Scheme) Regulations or the Central Provident Fund (Revised Minimum Sum Scheme) Regulations 1995, as the case may be, a member who is entitled to withdraw the sum standing to his credit in the Fund under section 15 of the Act shall be entitled to withdraw all the moneys standing to his credit in his CPF Investment Account and to the release of any gold or securities deposited or registered with an approved bank in accordance with these Regulations, and of any shares in an approved corporation.

[Rg 16.]

[G.N. No.]

[S 305/95”.]

Made this 19th day of August 1996.

MOSES LEE KIM POO

Permanent Secretary,
Ministry of Labour,
Singapore.

[ML S2.4.3/80-V2; AG/SL/19/95/8]

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

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