2. Regulations 18 to 21 of the Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10) are deleted and the following regulations substituted therefor:| “No disposal of property without Board’s permission |
18. Where a member —| (a) | has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to pay any moneys to the Fund upon the sale or disposal of a property, |
| as long as any such moneys remain payable to the Fund, the member shall not sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein without the prior written permission of the Board. |
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| Conditions for disposal of property |
19.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —| (a) | has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, |
| to sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part thereof as the Board may determine. |
(2) Subject to paragraphs (3) and (4), the member making the sale, transfer, assignment or disposal shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:| (a) | the net proceeds of the sale, transfer, assignment or disposal; or | | (b) | such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:| (i) | where paragraph (1)(a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (ii) | where paragraph (1)(b) applies to him, the relevant amount. |
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(3) Notwithstanding paragraph (2) but subject to paragraph (4), 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 pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts: |
| (i) | where paragraph (1)(a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine; | | (ii) | where paragraph (1)(b) applies to him, the relevant amount, or such part thereof as the Board may determine. |
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(4) Notwithstanding paragraphs (2) and (3), where the member transfers (other than by way of sale) his estate or interest in the property to his spouse pursuant to an order of court referred to in section 27C (1)(c) or 27E(1)(c) of the Act —| (a) | in the case of an order of court referred to in section 27C(1)(c) of the Act, the person referred to in section 27C (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, any amount referred to in section 27C (1) (i) of the Act which the person may be required by the order of court to pay to the Board; or | | (b) | in the case of an order of court referred to in section 27E(1)(c) of the Act, the member or person referred to in section 27E (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, such of the amounts referred to in section 27E (1) (i) (A), (B) or (C) of the Act as may be applicable to the member or person. |
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(5) In this regulation —“net proceeds”, in relation to any property 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 property, or, if the Board so elects, the value of the property 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 loan for the purchase of the property which has not been repaid; and | | (ii) | any amount which, under any written law, is to be paid to any other person in priority to the Fund; |
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“relevant amount” means —| (a) | in relation to a member who is required under section 27C (1) (iii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —| (i) | the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; and | | (ii) | the amount which has been paid to the Board under section 27C (1) (i) of the Act towards covering the deficiency in the minimum sum which the spouse of the member is required to set aside; or |
| | (b) | in relation to a member who is required under section 27E (1) (ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —| (i) | the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; and | | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E (1) (i) of the Act; |
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| “spouse” includes a former spouse. |
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20.—(1) Where a member has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), as long as any such moneys remain payable to the Fund, the member shall not mortgage or in any way encumber the property without the prior written permission of the Board.(2) In granting any permission under paragraph (1), the Board may —| (a) | require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —| (i) | all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; and | | (ii) | where he is also required under section 27C (1) (iii) or 27E(1)(ii) of the Act to pay any moneys to the Fund upon the sale or disposal of the property, the relevant amount as defined in regulation 19(5); or |
| | (b) | impose such other terms and conditions as the Board may think fit. |
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| Repayment of moneys in certain circumstances |
21.—(1) Subject to paragraphs (2), (4) and (5), where a member —| (a) | has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, |
| (i) | the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by the member or a co-owner or co-purchaser without the consent of the Board; | | (ii) | the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or | | (iii) | the property or any estate or interest therein is acquired under the Land Acquisition Act (Cap. 152) or any other written law, |
| such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall become due and payable to his account in the Fund: |
| (A) | if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (B) | if sub-paragraph (b) applies to him, the relevant amount as defined in regulation 19(5). |
(2) A member shall —| (a) | upon the occurrence of the event mentioned in paragraph (1)(ii), pay to his account in the Fund the amount agreed between the Board, the member, the mortgagee (if any) of the property and the other person (if any) making the sale, transfer, assignment or disposal of the property; or | | (b) | upon the occurrence of the event mentioned in paragraph (1)(iii), pay to his account in the Fund the amount of any compensation received by him under the Land Acquisition Act (Cap. 152) or other written law. |
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(3) Subject to paragraphs (4) and (5), all moneys withdrawn by a member under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made, shall become due and payable to his account in the Fund in the event that —| (a) | any mortgage or encumbrance is created over the property without the consent of the Board; or | | (b) | 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. |
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(4) Subject to paragraph (5), where a member —| (a) | has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, |
| (i) | on the death of the member; or | | (ii) | 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, |
| such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund: |
| (A) | if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the property (other than any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (B) | if sub-paragraph (b) applies to him, the relevant amount as defined in regulation 19(5). |
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(5) Subject to paragraph (2), where —| (a) | any event referred to in paragraph (1) or (3) occurs; and | | (b) | 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, |
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| the member shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts: |
| (A) | where paragraph (1)(a) or (3) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine; | | (B) | where paragraph (1)(b) applies to him, the relevant amount as defined in regulation 19(5), or such part thereof as the Board may determine.”. |
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[G.N. No. S 254/2007] |
