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No. S 584

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Residential Properties Scheme) (Amendment No. 3) Regulations 2007

In exercise of the powers conferred by section 77 (1)(h) and (ra) 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 (Residential Properties Scheme) (Amendment No. 3) Regulations 2007 and shall come into operation on 31st October 2007.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) (referred to in these Regulations as the principal Regulations) is amended by inserting, immediately after the definition of “insurer”, the following definition:

“ “Minister for Finance” means the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act (Cap. 183);”.

Amendment of regulation 6

3. Regulation 6 (1) of the principal Regulations is amended by inserting, immediately after the words “Housing and Development Board” in sub-paragraph (ii), the words “, the Government or the Minister for Finance”.

Amendment of regulation 7

4. Regulation 7 of the principal Regulations is amended —

(a)	by inserting, immediately after the words “,Housing and Development Board” in paragraph (1), the words “, the Government or the Minister for Finance”; and
(b)	by inserting, immediately after the words “Housing and Development Board” in the regulation heading, the words “, Government or Minister for Finance”.

Amendment of regulation 23

5. Regulation 23 of the principal Regulations is amended —

(a)	by inserting, immediately after the words “Housing and Development Board” in paragraph (1), the words “, the Government or the Minister for Finance”; and
(b)	by inserting, immediately after the words “Housing and Development Board” in the regulation heading, the words “, Government or Minister for Finance”.

Amendment of regulation 26

6. Regulation 26 (5) of the principal Regulations is amended by deleting sub-paragraph (i) of paragraph (b) of the definition of “net proceeds” and substituting the following sub-paragraph:

“(i)	any amount outstanding under a housing loan for the purchase of the residential property which, pursuant to an agreement between the Board, the member and the mortgagee, is to be repaid in priority to the Fund; and”.

[G.N. Nos. S 253/2007; S 512/2007]

Made this 29th day of October 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 29/68-07 TF1; AG/LEG/SL/36/2005/2 Vol. 1]

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