4. Regulation 12 of the principal Regulations is deleted and the following regulation substituted therefor:| “Permitted sale and repayment of proceeds |
12.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit an officer who has withdrawn money under these Regulations to sell, transfer, assign or otherwise dispose of the flat or any of his estate or interest therein in respect of which such withdrawal has been made to any person where —| (a) | the Government or the Minister for Finance approves such sale, transfer, assignment or disposal; and | | (b) | the Board is satisfied that adequate arrangements have been made to secure the repayment into the officer’s account in the Fund the amount specified in this regulation or such other amount as the Board may allow. |
(2) Subject to paragraphs (3) and (9), where the officer making the sale, transfer, assignment or disposal is below the age of 55 years at the time of the sale, transfer, assignment or disposal, the officer shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:| (a) | the net proceeds of the sale, transfer, assignment or disposal; or | | (b) | all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(3) Notwithstanding paragraph (2), where the officer 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 flat to an immediate family member without consideration or for a consideration below the market value of the flat, |
| he shall, unless the Board otherwise directs, repay to his account in the Fund all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made unless the Board allows the repayment without such interest. |
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(4) Subject to paragraphs (5) to (8), (10), (11) and (12), where the officer 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | 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. |
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(5) Notwithstanding paragraph (4) and subject to paragraph (11), where the officer 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 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | the higher of the following amounts:| (A) | all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made; or | | (B) | the aggregate of —| (I) | 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 | | (II) | any outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(6) Notwithstanding paragraph (4) and subject to paragraph (11), where the officer 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 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(7) Notwithstanding paragraph (4) and subject to paragraph (12), where the officer making the sale, transfer, assignment or disposal —| (a) | was adjudicated a bankrupt at the 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (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 outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(8) Notwithstanding paragraph (4) and subject to paragraph (12), where the officer 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | any outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(9) Notwithstanding paragraph (2), where the officer 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, any 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 the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made; | | (iii) | all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase); or | | (iv) | any outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(10) Notwithstanding paragraphs (4) to (8) and subject to paragraphs (11) and (12), where the officer 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | 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. |
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(11) Notwithstanding paragraphs (4), (5), (6) and (10), where the officer 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; and | | (c) | has attained the age of 55 years at the time of sale and remains an undischarged bankrupt 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (ii) | the higher of the following amounts:| (A) | all moneys withdrawn by the officer in connection with the purchase of the flat (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made; or | | (B) | the aggregate of —| (I) | 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 | | (II) | any outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(12) Notwithstanding paragraphs (4), (7), (8) and (10), where the officer 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; and | | (c) | remains an undischarged bankrupt 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, either of the following amounts, whichever is the less: |
| (i) | the net proceeds of the sale, transfer, assignment or disposal; or | | (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 outstanding loan granted to the officer under section 14A of the Act and withdrawn by the officer in connection with the purchase of the flat, together with any interest that would have accrued thereto if the withdrawal had not been made. |
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(13) In this regulation, “net proceeds”, in relation to any 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 flat, or, if the Board so elects, the value of the 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 outstanding housing loan from the Government or the Minister for Finance; and | | (ii) | any amount which, by virtue of any written law, is to be paid to any other person in priority to the Fund. |
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| (14) Nothing in this regulation shall apply to the sale, transfer, assignment or disposal of any flat where the application to the Board for its written permission to such sale, transfer, assignment or disposal referred to in regulation 9 was made before 21st December 2001. |
| (15) Regulation 12 in force immediately before 21st December 2001 shall continue to apply in respect of any sale, transfer, assignment or disposal referred to in paragraph (14).”. |
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[G .N. No. S89/99] |
