Central Provident Fund (Nominations) (Amendment No. 2) Rules 2010

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2010

No. S 814

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Nominations) (Amendment No. 2) Rules 2010

In exercise of the powers conferred by sections 25(1) and (5)(b) and 77(2)(ea) and (k) of the Central Provident Fund Act, the Central Provident Fund Board hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Central Provident Fund (Nominations) (Amendment No. 2) Rules 2010 and shall come into operation on 1st January 2011.

Amendment of rule 2

2. Rule 2 of the Central Provident Fund (Nominations) Rules (R 1) (referred to in these Rules as the principal Rules) is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) Subject to these Rules, a member may —

(a)

by executing a memorandum in Form A, 1A, 2A, 3A, 4A, 5A, 6A(1) or 6A(2) set out in the Schedule, nominate any person to receive the whole or any portion of —

(i)	the amount payable on the member’s death out of the Fund under section 20(1)(b) or (1A) of the Act by the payment of that portion to that person; or
(ii)	any shares designated under section 26(1) of the Act; or

(b)

by executing a memorandum in Form 6A(2) set out in the Schedule, nominate any person, being a citizen or permanent resident of Singapore at the time the Board is satisfied that the memorandum is duly executed, to receive the whole or any portion of —

(i)

the amount payable on the member’s death out of the Fund under section 20(1)(b) or (1A) of the Act —

(A)	subject to sub-paragraph (B), by the transfer of that portion to that person’s accounts in the Fund in such manner as the member may specify in the memorandum; or
(B)	if that portion exceeds such maximum amount as the Minister may determine, by the transfer of that maximum amount to that person’s accounts in the Fund in such manner as the member may specify in the memorandum, and by the payment of the excess to that person; or

(ii)

any shares designated under section 26(1) of the Act.”.

Amendment of rule 3

3. Rule 3 of the principal Rules is amended —

(a)

by deleting the words “section 20(1)” in paragraph (1)(a) and substituting the words “section 20(1)(b) or (1A)”; and

(b)

by deleting paragraph (3) and substituting the following paragraph:

“(3) Any nomination made in pursuance of the order must —

(a)

in the case of a nomination made before 1st January 2011 —

(i)	be in Form 5A set out in the Schedule;
(ii)	state that it is signed by the member acting by the authorised person;
(iii)	be signed by the authorised person with the names of the member and the authorised person, in the presence of 2 witnesses;
(iv)	contain an attestation by those witnesses to the signature of the authorised person; and
(v)	be sealed with the official seal of the court; or

(b)

in any other case —

(i)	be in Form 6A(1) or 6A(2) set out in the Schedule; and
(ii)	be supplemented with Form C set out in the Schedule.”.

Amendment of rule 5

4. The principal Rules are amended by renumbering rule 5 as paragraph (1) of that rule, and by inserting immediately thereafter the following paragraph:

“(2) Where a nomination directs that 2 or more nominees shall take any shares in an approved corporation designated under section 26(1) of the Act in such portions as are specified in the nomination, and the distribution of those shares to those nominees in those portions will give rise to fractions of shares, the Board shall —

(a)	distribute to those nominees in those portions only such of those shares the distribution in those portions of which will not give rise to fractions of shares; and
(b)	transfer the remaining shares to the surviving nominee who is first-named in the nomination.”.

Miscellaneous amendments

5. The principal Rules are amended —

(a)

by deleting the words “2008 (Act 22 of 2008)” in the following provisions and substituting in each case the words “(Cap. 177A)”:

“Rules 3(1), 7(e) and 9; and”.

(b)

by deleting “2008” immediately after the words “section 20(2)(a) of the Mental Capacity Act” in rules 3(1) and 7(e)(i).

Amendment of Schedule

6. The Schedule to the principal Rules is amended —

(a)

by deleting the Schedule reference and substituting the following Schedule reference:

“Rules 2(1), 3(3) and 8(1)(a)”;