Housing and Development (Interest and Penalties for Late Payment of Improvement Contributions) (Amendment) Rules 2007

Status:

Published in Subsidiary Legislation Supplement
on 26 Dec 2007

No. S 726

Housing and Development Act

(Chapter 129)

Housing and Development (Interest and Penalties for Late Payment of Improvement Contributions) (Amendment) Rules 2007

In exercise of the powers conferred by section 65K of the Housing and Development Act, the Minister for National Development hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Housing and Development (Interest and Penalties for Late Payment of Improvement Contributions) (Amendment) Rules 2007 and shall come into operation on 1st January 2008.

Amendment of rule 2

2. Rule 2 of the Housing and Development (Interest and Penalties for Late Payment of Improvement Contributions) Rules 2005 (G.N. No. S 660/2005) is amended —

(a)

by deleting the definition of “HDB concessionary interest rate” and substituting the following definition:

“ “HDB concessionary interest rate” means the interest rate of 0.1% per annum above the rate of interest declared from time to time under section 6(4) of the Central Provident Fund Act (Cap. 36) for the amount standing to the credit of a member of the Fund in his ordinary account;”; and

(b)

by deleting the full-stop at the end of the definition of “lessee or owner” and substituting a semi-colon, and by inserting immediately thereafter the following definitions:

“ “member of the Fund” and “ordinary account” have the same meanings as in section 2(1) of the Central Provident Fund Act.”.

Made this 17th day of December 2007.

TAN TEE HOW

Permanent Secretary,
Ministry of National Development,
Singapore.

[AG/LEG/SL/129/2005/8 Vol. 1]

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