3.—(1) The Central Provident Fund Board is hereby exempted from the application of section 6 of the Act in respect of the payment to any nominee of a specified person of moneys from the conversion to cash of —
(a)
any New Singapore Shares allotted to the specified person; or
(b)
any Economic Restructuring Shares allotted to the specified person,
subject to the condition that those moneys are deposited in the bank account of the nominee as designated in the letter of exemption issued by the Minister to the specified person and his nominee in respect of those moneys.
(2) The nominee of a specified person mentioned in sub-paragraph (1) is also exempted from the application of section 6 of the Act in respect of —
(a)
any withdrawal from the bank account so designated in the letter of exemption; and
(b)
the use of the sums withdrawn therefrom,
subject to the following conditions:
(i)
except with the prior approval of an officer authorised by the Minister, the sums withdrawn shall only be used to pay for food, clothing, medicines, medical treatment, insurance premiums and such other provisions as are necessary for satisfying the basic domestic needs of the nominee and his family; and
(ii)
no sum so withdrawn may be transferred to any other bank account of the nominee or specified person or any other person.