Central Provident Fund (Approved Housing Schemes) (Amendment) Regulations 2006

No. S 367

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Approved Housing Schemes) (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 Housing Schemes) (Amendment) Regulations 2006 and shall come into operation on 1st July 2006.

Amendment of regulation 2

2. Regulation 2(1) of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately before the definition of “approved housing scheme”, 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;”;

(b)

by inserting, immediately after the definition of “approved housing scheme”, the following definition:

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

(c)

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

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

Deletion and substitution of regulations 4B and 4C

3. Regulations 4B and 4C of the principal Regulations are deleted and the following regulations substituted therefor:

“Use of money in special account for payment of housing loan

4B.—(1) Where a member, as owner of a house or flat, is liable to pay the monthly instalments of principal and interest towards a housing loan in respect of the house or flat —

(a)

if the liability to pay arises on or after 1st February 1999, the Board, with the approval of the Minister, may —

(i)	on the application of the member or if it considers necessary; and
(ii)	subject to such terms and conditions as it may impose,

authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him for the payment of such monthly instalments; and

(b)

if the liability to pay arises on or after 1st July 2006, the Board may —

(i)	on the application of the member; and
(ii)	subject to such terms and conditions as it may impose,

authorise the whole or part of any amount standing to the credit of the member in his special account which had been transferred from his medisave account under section 13(6) of the Act to be withdrawn by him for the payment of such monthly instalments.

(2) The total amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly instalments shall be determined by the Board.

Use of money in special account for payment of improvement contribution in respect of upgrading works

4C.—(1) Where a member, as owner of a house or flat, is liable to pay the monthly improvement contributions due to the Housing and Development Board in respect of upgrading works carried out on the house or flat under Part IVA of the Housing and Development Act (Cap.129), or the monthly improvement contributions due to a Town Council in respect of lift upgrading works carried out in relation to the house or flat under Part IVA of the Town Councils Act (Cap. 329A) —

(a)

if the liability to pay arises on or after 1st March 1999, the Board, with the approval of the Minister, may —

(i)	on the application of the member or if it considers necessary; and
(ii)	subject to such terms and conditions as it may impose,

authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him for the payment of such monthly improvement contributions; and

(b)

if the liability to pay arises on or after 1st July 2006, the Board may —

(i)	on the application of the member; and
(ii)	subject to such terms and conditions as it may impose,

(2) The total amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly improvement contributions shall be determined by the Board.”.

Deletion and substitution of regulation 10

4. Regulation 10 of the principal Regulations is deleted and the following regulation substituted therefor:

“Repayment of moneys on occurrence of certain events

10.—(1) Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations (including any moneys lent to him under section 14A of the Act and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable to the Board on the occurrence of any of the following events:

(a)

the house or flat or any estate or interest therein is sold, transferred, assigned or otherwise disposed of —

(i)	by the member without the consent of the Board;
(ii)	by any person other than the member, including any mortgagee, with or without the consent of the Board; or
(iii)	pursuant to an order of court;

(b)

if any mortgage or encumbrance is created over the house or flat in favour of any person other than the Housing and Development Board without the consent of the Board;

(c)

if the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.

(2) All moneys withdrawn by a member under these Regulations (including any moneys lent to him under section 14A of the Act and withdrawn by him under regulation 4A which have not been repaid) shall become due and payable to the Board on the occurrence of either of the following events:

(a)	the member withdraws his application for the purchase of the house or flat; or
(b)	the agreement entered into by the member and any other person for the purchase of the house or flat is rescinded.”.

Amendment of regulation 11

5. Regulation 11 of the principal Regulations is amended —

(a)

by deleting paragraph (1) and substituting the following paragraph:

“(1) Except as otherwise provided in paragraph (2) and regulations 13, 14 and 14A, all moneys withdrawn by a member under these Regulations (other than any moneys lent to him under section 14A of the Act and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made, shall cease to be payable to the Board —

(a)	on the death of the member; or
(b)	when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2), (3) or (4) of the Act and has complied with the requirements for such withdrawal.”;

(b)

by inserting, immediately after the words “Community Development,” wherever they appear in paragraph (2), the words “Youth and Sports,”; and

(c)

by deleting the regulation heading and substituting the following regulation heading:

“No repayment of moneys in certain circumstances”.

Deletion of regulation 12

6. Regulation 12 of the principal Regulations is deleted.

Amendment of regulation 13

7. Regulation 13 of the principal Regulations is amended —

(a)

by deleting the words “of money into the member’s account in the Fund” in paragraph (1A) and substituting the words “into the member’s account in the Fund of”; and

(b)

by deleting paragraphs (2) to (13) and substituting the following paragraphs:

“(2) Subject to paragraphs (3), (4) and (13), where the member making the sale, transfer, assignment or disposal is below the age of 55 years at the time of the sale, transfer, assignment or disposal, he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(a)	the net proceeds of the sale, transfer, assignment or disposal;
(b)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made.

(3) Notwithstanding paragraph (2) but subject to paragraphs (4) and (13), where the member making the sale, transfer, assignment or disposal —

(a)	is below the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	sells, transfers, assigns or disposes of the house or flat to an immediate family member without consideration or for a consideration below the market value of the house or flat,

he shall, unless the Board otherwise directs, repay to his account in the Fund, in such manner as the Board may determine, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made.

(4) Notwithstanding paragraphs (2) and (3) but subject to paragraph (13), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court; and
(b)	is below the age of 55 years at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be required by the Board:

(i)	the net proceeds of the sale, transfer, assignment or disposal;
(ii)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made;
(iii)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid);
(iv)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(5) Subject to paragraphs (6), (8) and (10) to (13), where the member making the sale, transfer, assignment or disposal —

(a)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(6) Notwithstanding paragraph (5) but subject to paragraphs (11) and (13), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside the sums under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the higher of —

(A)

all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made; or

(B)

the aggregate of —

(I)	the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including any interest that would have accrued thereto; and
(II)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(7) Subject to paragraph (13), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside any sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)	the net proceeds of the sale, transfer, assignment or disposal;
(ii)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made.

(8) Notwithstanding paragraph (5) but subject to paragraphs (12) and (13), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(9) Subject to paragraph (13), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)	the net proceeds of the sale, transfer, assignment or disposal;
(ii)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(10) Notwithstanding paragraph (5) but subject to paragraphs (11), (12) and (13), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(11) Notwithstanding paragraphs (5), (6) and (10) but subject to paragraph (13), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt before attaining the age of 55 years;
(c)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(d)	is required to set aside the sums under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the higher of —

(A)

all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made; or

(B)

the aggregate of —

(I)	the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including any interest that would have accrued thereto; and
(II)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(12) Notwithstanding paragraphs (5), (8) and (10) but subject to paragraph (13), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(c)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(d)	is required to set aside the sums under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the sale, transfer, assignment or disposal;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(13) Notwithstanding paragraphs (2) to (12), where the member making the sale, transfer, assignment or disposal —

(a)	withdraws the sum standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or
(b)	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,

he shall repay to his account in the Fund, in such manner as the Board may determine, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.

(13A) In this regulation, “net proceeds”, in relation to any house or flat which is sold, transferred, assigned or disposed of, means any positive difference between —

(a)

the consideration for the sale, transfer, assignment or disposal of the house or flat, or, if the Board so elects, the value of the house or flat at the time of the sale, transfer, assignment or disposal as assessed by the Board; and

(b)

the aggregate of the following amounts paid in the following order:

(i)	any amount under a housing loan from the Housing and Development Board for the purchase of the house or flat which has not been repaid;
(ii)	any amount which, under any written law, is to be paid to any other person in priority to the Fund; and
(iii)	any resale levy imposed by the Housing and Development Board as may be approved by the Board.”.

Amendment of regulation 14

8. Regulation 14 of the principal Regulations is amended —

(a)

by deleting paragraphs (2) to (7) and substituting the following paragraphs:

“(2) Where the member whose house or flat has been acquired is below the age of 55 years at the time of the acquisition, he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(a)	the net proceeds of the acquisition;
(b)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made.

(3) Subject to paragraphs (4), (6) and (7A), where the member whose house or flat has been acquired —

(a)	has attained the age of 55 years at the time of the acquisition; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the acquisition;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(4) Notwithstanding paragraph (3) but subject to paragraph (7A), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside the sums under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the acquisition;

(ii)

the higher of —

(A)

(B)

the aggregate of —

(I)	the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including any interest that would have accrued thereto; and
(II)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(5) Subject to paragraph (7A), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside any sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)	the net proceeds of the acquisition;
(ii)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made.

(6) Notwithstanding paragraph (3) but subject to paragraph (7A), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)

the net proceeds of the acquisition;

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(7) Subject to paragraph (7A), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, whichever is the less of the following amounts:

(i)	the net proceeds of the acquisition;
(ii)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made.

(7A) Notwithstanding paragraphs (2) to (7), where the member whose house or flat has been acquired —

(a)	withdraws the amount standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or
(b)	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,

(b)

by deleting the definition of “net proceeds of the acquisition” in paragraph (8) and substituting the following definition:

“ “net proceeds of the acquisition”, in relation to any house or flat which has been acquired, means any positive difference between —

(a)

the amount of compensation paid upon the acquisition of the house or flat; and

(b)

the aggregate of the following amounts paid in the following order:

(i)	any amount under a housing loan from the Housing and Development Board for the purchase of the house or flat which has not been repaid;
(ii)	any amount which, under any written law, is to be paid to any other person in priority to the Fund; and
(iii)	any resale levy imposed by the Housing and Development Board as may be approved by the Board.”.

Amendment of regulation 14A

9. Regulation 14A (5) of the principal Regulations is amended by deleting sub-paragraphs (a) to (h) and substituting the following sub-paragraphs:

“(a)

subject to sub-paragraphs (b), (c) and (i), where the member is below the age of 55 years at the time of the relevant transaction, the maximum sum shall be an amount equivalent to all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made;

(b)

subject to sub-paragraphs (c) and (i), where —

(i)	the member is below the age of 55 years at the time of the relevant transaction; and
(ii)	the relevant transaction is entered into with an immediate family member without consideration or for a consideration below the market value of the house or flat,

the maximum sum shall be the amount referred to in sub-paragraph (a) except that the Board may direct that the interest referred to therein or any part thereof be excluded;

(c)

subject to sub-paragraph (i), where —

(i)	the member is below the age of 55 years at the time of the relevant transaction; and
(ii)	the relevant transaction is entered into pursuant to an order of court,

the maximum sum shall be such of the following amounts as may be required by the Board:

(A)	all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made;
(B)	the sum referred to in sub-paragraph (A) excluding the interest (or any part thereof) referred to therein; or
(C)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid;

(d)

subject to sub-paragraph (i), where the member —

(i)	has attained the age of 55 years;
(ii)	is not a bankrupt at the time of the relevant transaction; and
(iii)	is required to set aside a minimum sum under section 15(6) of the Act,

regardless of whether the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made;

(e)

subject to sub-paragraph (i), where the member —

(i)	has attained the age of 55 years;
(ii)	was adjudicated a bankrupt before he attained the age of 55 years;
(iii)	is a bankrupt at the time of the relevant transaction; and
(iv)	is required to set aside the sums under section 15(6) of the Act,

regardless of whether the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be the higher of the following amounts:

(A)

(B)

the aggregate of —

(I)	the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including any interest that would have accrued thereto; and
(II)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made;

(f)

subject to sub-paragraph (i), where the member —

(i)	has attained the age of 55 years;
(ii)	was adjudicated a bankrupt before he attained the age of 55 years;
(iii)	is a bankrupt at the time of the relevant transaction; and
(iv)	is not required to set aside any sum under section 15(6) of the Act,

regardless of whether the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be an amount equivalent to all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made;

(g)

subject to sub-paragraph (i), where the member —

(i)	has attained the age of 55 years;
(ii)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(iii)	is a bankrupt at the time of the relevant transaction; and
(iv)	is required to set aside a minimum sum under section 15(6) of the Act,

regardless of whether the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made;

(h)

subject to sub-paragraph (i), where the member —

(i)	has attained the age of 55 years;
(ii)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(iii)	is a bankrupt at the time of the relevant transaction; and
(iv)	is not required to set aside a minimum sum under section 15(6) of the Act,

regardless of whether the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be an amount equivalent to any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with any interest that would have accrued thereto if the withdrawal had not been made; and

(i)

where the member —

(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,

the maximum sum shall be an amount equivalent to all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.”.

Deletion and substitution of regulation 17

10. Regulation 17 of the principal Regulations is deleted and the following regulation substituted therefor:

“Withdrawal for purchase of more than one property

17. Where —

(a)

a member has made an application for the withdrawal of moneys standing to his credit in the Fund under —

(i)	these Regulations;
(ii)	the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4);
(iii)	the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6);
(iv)	the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13); or
(v)	the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations (Rg 14),

in respect of any house, flat or other property; and

(b)

the Board has authorised the withdrawal of moneys pursuant to that application,

if he makes any other application for the withdrawal of moneys standing to his credit in the Fund under these Regulations in respect of any other house or flat which is purchased on or after 1st July 2006, the Board may, subject to such terms and conditions as it may impose, authorise the withdrawal of moneys pursuant to that other application.”.

[G.N. Nos. S 88/99; S649/2001; S 694/2002; S 389/2003; S 220/2004; S 485/2004; S 537/2005; S 758/2005]

Made this 20th day of June 2006.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 29/98 V14; AG/LEG/SL/36/2005/1 Vol. 1]

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

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