Central Provident Fund (Residential Properties Scheme) (Amendment No. 4) Regulations 2007

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Published in Subsidiary Legislation Supplement
on 24 Dec 2007

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No. S 703

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Residential Properties Scheme) (Amendment No. 4) 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. 4) Regulations 2007 and shall come into operation on 1st January 2008.

New regulation 9A

2. The Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) are amended by inserting, immediately after regulation 9, the following regulation:

“Withdrawal for payment upon transfer (other than by way of sale) of residential property

9A.—(1) Where a member (referred to in this paragraph as the transferor), being the owner or co-owner of a residential property, will or is required to transfer (other than by way of sale) his estate or interest in the residential property to another member (referred to in this paragraph as the transferee), the transferee may apply to the Board to withdraw the whole or any part of the amount standing to the transferee’s credit in the Fund for the payment of any amount which the transferor is required, under these Regulations, to pay to the transferor’s account in the Fund upon the transfer.

(2) The Board may approve an application under paragraph (1) subject to such terms and conditions as it may impose.”.

Miscellaneous amendments

3. The Central Provident Fund (Residential Properties Scheme) Regulations are amended —

(a)

by inserting, immediately after the word “purchase” wherever it appears in the following provisions, the words “or acquisition”:

Regulations 2 (paragraphs (a) and (b) of the definition of “housing loan”), 13(1), 14(2)(a), 17 (including the regulation heading) and 26(5) (paragraph (b)(i) of the definition of “net proceeds”);

(b)

by inserting, immediately after the word “purchased” in the following provisions, the words “or acquired”:

Regulations 5 (1), 13(2), 14(2)(c) and 20(2)(c);

(c)

by inserting, immediately after the words “to purchase” in the following provisions, the words “or acquire”:

Regulations 5 (1) and 9 (paragraph (1) and the regulation heading);

(d)

by deleting the words “sale and purchase” in the following provisions and substituting in each case the words “purchase or acquisition”:

Regulations 12(1)(a) and (2)(a) and 14(1)(a);

(e)

by deleting the words “the purchase of” in the penultimate and last lines of regulation 13(2) and substituting the words “the purchase or acquisition of”;

(f)

by deleting the words “purchased or inherited” in regulation 16(2) and substituting the words “purchased, acquired, inherited”;

(g)

by inserting, immediately after the word “purchased” in regulation 18(1) and (2), the word “, acquired”; and

(h)

by inserting, immediately after the word “purchases” in the regulation heading of regulation 18, the words “or acquisitions”.

[G.N. Nos. S 253/2007; S512/2007; S 584/2007]

Made this 21st day of December 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V52; AG/LEG/SL/36/2005/2 Vol. 1]

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