2. The Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) (referred to in these Regulations as the principal Regulations) are amended —(a) | by inserting, immediately after regulation 5, the following regulation:“Loan by Government to member |
5A.—(1) Where the Board has, on or after 1st March 1999, credited into the ordinary account of any member moneys lent by the Government to the member under any approved loan scheme under section 14A of the Act, the Board may —(a) | on the application of the member; or | (b) | if it considers necessary, |
and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys — |
(i) | under regulation 7 for payment of the monthly instalments of principal and interest towards a housing loan; or | (ii) | under regulation 22 for payment of the monthly instalments of principal and interest towards a loan obtained by the member for payment for his share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act (Cap. 158). |
(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.”; |
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| (b) | by inserting, immediately after regulation 5A, the following regulation:“Use of money in special account for payment of housing loan and share in common property transferred by Housing and Development Board |
5B.—(1) Where a member, as owner of a residential property, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards —(a) | a housing loan; or | (b) | a loan obtained by him for payment of his share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act, |
the Board, with the approval of the Minister, may — |
(i) | on the application of the member; or | (ii) | if it considers necessary, |
and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him under regulation 7 or 22, as the case may be, for the payment of such monthly instalments. |
(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.”; and |
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| (c) | by inserting, immediately after regulation 5B, the following regulation:“Use of money in special account for payment of improvement contributions in respect of upgrading works |
5C.—(1) Where a member, as owner of a residential property, is liable to pay, on or after 1st March 1999, the monthly improvement contributions due to the Housing and Development Board in respect of upgrading works carried out on the residential property under Part IVA of the Housing and Development Act (Cap. 129), the Board, with the approval of the Minister, may —(a) | on the application of the member; or | (b) | if it considers necessary, |
and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him for the payment of such monthly improvement contributions. |
(2) All moneys withdrawn from the Fund under paragraph (1) shall be paid by the Board to the Housing and Development Board or such other person as the Board considers fit to receive the moneys. |
(3) The total amount which a member may withdraw under paragraph (1) to pay such monthly improvement contributions shall be determined by the Board.”. |
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