Central Provident Fund (Withdrawals for Purchase of Shares) (Amendment) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 19 Feb 2004

No. S 71

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Withdrawals for Purchase of Shares) (Amendment) Regulations 2004

In exercise of the powers conferred by section 77(1)(m) of the Central Provident Fund Act, Dr Ng Eng Hen, Minister of State, Ministry of Education, charged with the responsibility of 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 (Withdrawals for Purchase of Shares) (Amendment) Regulations 2004 and shall come into operation on 19th February 2004.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Withdrawals for Purchase of Shares) Regulations 2003 (G.N. No. S 169/2003) is amended by inserting, immediately before the definition of “ComfortDelGro”, the following definitions:

“ “approved agent bank” has the same meaning as in the CPFIS Regulations;

“bonus shares” means —

(a)	shares in ComfortDelGro; and
(b)	shares in SBS Transit Ltd, a company incorporated under the Companies Act (Cap. 50),

allotted to a member as bonus issue or scrip dividend arising from his shares in the Company purchased with money withdrawn from the Fund in accordance with the revoked Regulations;

“CPF Investment Account” has the same meaning as in the CPFIS Regulations;

“CPFIS Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9);”.

New regulations 4A and 4B

3. The Central Provident Fund (Withdrawals for Purchase of Shares) Regulations 2003 are amended by inserting, immediately after regulation 4, the following regulations:

“Discharge or transfer where member dies or is entitled to withdraw from Fund

4A. Where a member dies before 19th February 2004, or is entitled before that date to withdraw the sum standing to his credit in the Fund under section 15 or 27 of the Act, the Board may —

(a)	where the ComfortDelGro shares allotted to the member are registered in the Depository Register in the name of the member, discharge the charge in its favour over such shares; or
(b)	where the ComfortDelGro shares allotted to the member are registered in the name of DBS Nominees (Private) Limited, instruct DBS Nominees (Private) Limited to transfer such shares, including any bonus shares, to the member.

Options for discharge or transfer

4B.—(1) The Board may, by notice given to any member who has been allotted ComfortDelGro shares, require the member to opt within such period as the Board may specify —

(a)	to repay to the Board such sums of money as have been withdrawn from the Fund for the purchase of shares in the Company, which have not been repaid; or
(b)	to authorise the Board to transfer his ComfortDelGro shares to an approved agent bank with which the member has a CPF Investment Account, whether under paragraph (5) or otherwise.

(2) A member who has not exercised an option within the specified period in accordance with paragraph (1) shall be deemed to have opted to authorise the Board to transfer his ComfortDelGro shares in accordance with paragraph (1)(b).

(3) Where the member opts to repay the Board in accordance with paragraph (1)(a), such sums of money as are repaid shall be credited to the member’s ordinary account, and upon full repayment of the sum withdrawn, the Board shall —

(a)	discharge the charge over the member’s ComfortDelGro shares; or
(b)	instruct DBS Nominees (Private) Limited to transfer the member’s ComfortDelGro shares to the member’s Depository account,

as the case may be.

(4) Where the member opts or is deemed to have opted to authorise the Board to transfer his ComfortDelGro shares in accordance with paragraph (1)(b), the Board shall —

(a)	discharge the charge over the member’s ComfortDelGro shares and transfer those shares to an approved agent bank with which the member has a CPF Investment Account; or
(b)	instruct DBS Nominees (Private) Limited to transfer the member’s ComfortDelGro shares to an approved agent bank with which the member has a CPF Investment Account,

as the case may be, whereupon the CPFIS Regulations shall apply to the member in respect of those shares.

(5) For the purposes of paragraph (4), where the member does not have a CPF Investment Account, the Board —

(a)	shall appoint an approved agent bank to open and maintain a CPF Investment Account in the member’s name; and
(b)	where the member is ineligible by reason of any provision in the CPFIS Regulations to open or maintain a CPF Investment Account, may in addition specify restrictions on the member’s use of such account.

(6) Any notice given by the Board before 19th February 2004 containing the options described in paragraph (1) shall be deemed to have been given in accordance with paragraph (1), and any option exercised before that date shall be deemed to have been exercised in accordance with this regulation.

(7) Where a member has opted or is deemed to have opted to authorise the Board to transfer his ComfortDelGro shares in accordance with paragraph (1)(b) and dies before the Board has acted under paragraph (4), the Board shall deal with his ComfortDelgro shares and any bonus shares in accordance with regulation 4A.”.

Made this 19th day of February 2004.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS3/77 T1/03; AG/LEG/SL/36/2002/3 Vol. 5;]

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

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