15. The principal Regulations are amended by inserting, immediately after regulation 14, the following regulation:“Payment of amount secured by charge or pledge upon sale, transfer, assignment or disposal of immovable property |
14A.—(1) Where —(a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 15(9), (9A), (11D) or (11E) of the Act or a pledge is given under section 15(10) or (10A) of the Act, to any person; and | (b) | upon the sale, transfer, assignment or disposal, any amount secured by the charge or pledge is paid to the Board, |
the Board shall pay that amount into the member’s ordinary account. |
(2) Where —(a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act or a pledge is given under section 27D(1)(v)(A) of the Act, to any person; and | (b) | upon the sale, transfer, assignment or disposal, any amount secured by the charge or pledge is paid to the Fund, |
the Board shall pay that amount into the member’s special account. |
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(3) For the purposes of section 15(10B) of the Act, each of the following is a prescribed circumstance:(a) | the death of the member; | (b) | the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act; | (e) | the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the member, or by the member and the other person or persons referred to in section 15(10) or (10A) of the Act, with the Housing and Development Board under the Lease Buyback Scheme. |
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(4) For the purposes of section 15(11F)(e) and (15)(e) of the Act, each of the following is a prescribed event:(a) | the death of the member; | (b) | the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act. |
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(5) For the purposes of section 27D(1)(vi) of the Act, each of the following is a prescribed circumstance:(a) | the death of the spouse; | (b) | the spouse is entitled to withdraw the amount standing to the credit of the spouse in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the spouse complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the spouse is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act; | (e) | the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the spouse, or by the spouse and any other person or persons, with the Housing and Development Board under the Lease Buyback Scheme.”. |
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