Children Development Co-Savings (Amendment) Regulations 2002

Status:

Published in Subsidiary Legislation Supplement
on 02 Sep 2002

No. S 442

Children Development Co-Savings Act

(Chapter 38A)

Children Development Co-Savings (Amendment) Regulations 2002

In exercise of the powers conferred by section 3 of the Children Development Co-Savings Act, the Minister of State, Ministry of Community Development and Sports, charged with the responsibility of the Minister for Community Development and Sports, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Children Development Co-Savings (Amendment) Regulations 2002 and shall come into operation on 3rd September 2002.

Amendment of regulation 9

2. Regulation 9 of the Children Development Co-Savings Regulations 2001 (G.N. No. S 233/2001) is amended by deleting paragraphs (2) and (3) and substituting the following paragraphs:

“(2) All withdrawals made from the Children Development Account by the trustee under paragraph (1) shall —

(a)	be made by inter-bank GIRO, unless the Director otherwise permits; and
(b)	if required by the Director, be supported by such evidence as the Director may specify.

(3) Where the trustee of a member’s Children Development Account wishes to withdraw the moneys standing to the credit of the member in the Account for a purpose other than that specified in paragraph (1) or for any other reason, he shall seek the approval of the Director for withdrawal of the moneys from the Account.

(4) The Director may, before approving the withdrawal referred to in paragraph (3), require the trustee to provide such information or documents as he considers necessary to support the trustee’s request for the withdrawal.

(5) The Director may approve the withdrawal of the whole or such part of the moneys standing to the credit of a member’s Children Development Account for a purpose other than that specified in paragraph (1) or for any other reason if he is satisfied that the circumstances of the case warrants such withdrawal.

(6) A withdrawal approved by the Director under paragraph (5) shall be effected by such means and in such manner as the Director may determine.

(7) Any trustee who, without the approval of the Director under paragraph (5), makes a withdrawal from the Children Development Account for any purpose other than that specified in paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.”.

Amendment of Schedule

3. The Schedule to the Children Development Co-Savings Regulations 2001 is amended by deleting the words “Period A — being 6 months from the date of the opening of the Children Development Account” in the second column and substituting the words “Period A — being 6 months from the first day of the month in which the Children Development Account is opened”.

Made this 30th day of August 2002.

LIM SOO HOON

Permanent Secretary,
Ministry of Community
Development and Sports,
Singapore.

[MCDS 132-028-01; AG/LEG/SL/38A/2001/1 Vol. 3]

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