8. Regulation 12 of the principal Regulations is amended —| (a) | by inserting, immediately after the words “section 27C(1)(iii)” in paragraph (1)(b), “, 27DA(1)(iii)”; | | (b) | by deleting the words “Subject to paragraphs (6), (9) and (10), 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, he” in paragraph (2) and substituting the words “Subject to paragraphs (3), (4) and (5), the officer making the sale, transfer, assignment or disposal”; | | (c) | by deleting paragraphs (4), (5), (6), (9) and (10) and substituting the following paragraphs:| “(3) Subject to paragraphs (4) and (5), where the officer sells, transfers, assigns or disposes of the flat or his estate or interest therein to any person without consideration or for a consideration below the market value of the flat, the officer shall, unless the Board otherwise directs, pay to his account in the Fund, in such manner as the Board may determine, the amount prescribed in paragraph (2)(b). |
| (4) Paragraphs (1), (2) and (3) do not apply where the officer sells, transfers, assigns or disposes of only part (but not the whole) of his estate or interest in the flat. |
(5) Notwithstanding paragraphs (2), (3) and (4), where the officer transfers (other than by way of sale) his estate or interest in the flat to his spouse pursuant to an order of court referred to in section 27C(1)(c), 27DA(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 officer’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; | | (b) | in the case of an order of court referred to in section 27DA(1)(c) of the Act, the person referred to in section 27DA(1)(i) of the Act shall pay to the officer’s account in the Fund, in such manner as the Board may determine, any amount referred to in section 27DA(1)(i) of the Act which the person may be required by the order of court to pay to the Board; or | | (c) | in the case of an order of court referred to in section 27E(1)(c) of the Act, the officer or person referred to in section 27E(1)(i) of the Act shall pay to the officer’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) and (C) of the Act as may be applicable to the officer or person.”; |
|
|
| | (d) | by deleting the definitions of “net proceeds” and “relevant amount” in paragraph (11) and substituting the following definitions:“ “net proceeds”, in relation to any flat, or an officer’s estate or interest in a flat, which is sold, transferred, assigned or disposed of, means the excess, if any, of —| (a) | the consideration for the sale, transfer, assignment or disposal of the flat, or of the officer’s estate or interest in the flat, as the case may be, or, if the Board so elects, the value of the flat, or of the officer’s estate or interest in the flat, as the case may be, at the time of the sale, transfer, assignment or disposal as assessed by the Board; over | | (b) | the aggregate of the following amounts paid in the following order:| (i) | any amount under a housing loan from the Government or the Minister for Finance for the purchase or acquisition of the flat, or of the officer’s estate or interest in the flat, as the case may be, 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, or such part of that amount as the Board determines to be attributable to the officer’s estate or interest in the flat, as the case may be; |
|
|
“relevant amount” means —| (a) | in relation to an officer 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 flat, the excess, if any, of —| (i) | the amount payment of which was secured by the charge on the flat referred to in section 27C(1)(b) of the Act; over | | (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 is required to set aside; |
| | (b) | in relation to an officer who is required under section 27DA(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a flat, the excess, if any, of —| (i) | the amount payment of which was secured by the charge constituted under section 15(11D) or (11E) of the Act on the flat; over | | (ii) | the amount which has been paid to the Board under section 27DA(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse is required to set aside; or |
| | (c) | in relation to an officer 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 flat, the excess, if any, of —| (i) | the amount which would have been payable to the account of the officer’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part thereof payable under those paragraphs 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 flat to the officer; over | | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(i) of the Act;”; and |
|
|
|
| | (e) | by deleting paragraph (12). |
|
