3. Regulation 14A of the Central Provident Fund (Revised Minimum Sum Scheme) Regulations is amended —| (a) | by deleting sub-paragraph (b) of paragraph (1) and substituting the following sub-paragraph:| “(b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or pledge (or such part of the amount as the Board may determine) is paid to the Board,”; |
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| | (b) | by deleting sub-paragraph (b) of paragraph (2) and substituting the following sub-paragraph:| “(b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or pledge (or such part of the amount as the Board may determine) is paid to the Fund,”; |
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| | (c) | by deleting the full-stop at the end of sub-paragraph (e) of paragraph (3) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraph:| “(f) | the member —| (i) | has applied, in such manner as the Board may require, for the undertaking not to be enforced; | | (ii) | at the time the Board considers the member’s application, has a relevant property charge and the total of the following amounts is not less than the minimum sum applicable to the member:| (A) | the amount secured by the relevant property charge; | | (B) | the amount of the minimum sum the member has set aside; and |
| | (iii) | satisfies such terms and conditions as the Board may impose.”; |
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| | (d) | by deleting the full-stop at the end of sub-paragraph (d) of paragraph (4) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraphs:| “(e) | where the charge referred to in section 15(11F) of the Act is constituted on or after 1 January 2016 to secure the payment of an amount to the Board, at the time when that charge is constituted —| (i) | the member has a relevant property charge; and | | (ii) | the total of the following amounts is not less than the minimum sum applicable to the member:| (A) | the amount secured by the relevant property charge; | | (B) | the amount of the minimum sum the member has set aside; |
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| | (f) | where the charge referred to in section 15(11F) of the Act is constituted before, on or after 1 January 2016 to secure the payment of an amount to the Board and sub-paragraph (e) does not apply, the member —| (i) | has applied, in such manner as the Board may require, for that charge to be cancelled; | | (ii) | at the time the Board considers the member’s application, has a relevant property charge and the total of the following amounts is not less than the minimum sum applicable to the member:| (A) | the amount secured by the relevant property charge; | | (B) | the amount of the minimum sum the member has set aside; and |
| | (iii) | satisfies such terms and conditions as the Board may impose; |
| | (g) | where the charge referred to in section 15(15) of the Act is created before 1 January 2013 to secure the payment of an amount to the Board, the member —| (i) | has applied, in such manner as the Board may require, for that charge to be cancelled; | | (ii) | at the time the Board considers the member’s application, has a relevant property charge and the total of the following amounts is not less than the minimum sum applicable to the member:| (A) | the amount secured by the relevant property charge; | | (B) | the amount of the minimum sum the member has set aside; and |
| | (iii) | satisfies such terms and conditions as the Board may impose.”; |
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| | (e) | by inserting, immediately after paragraph (4), the following paragraph: | | “(4A) Paragraph (4) applies, with the following modifications, to a charge under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act, as the case may be, constituted before, on or after 1 January 2016: |
| | | (a) | any reference to the member is to be read as a reference to the spouse; |
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| | | (b) | sub-paragraphs (e), (f) and (g) of paragraph (4) are replaced by the following sub-paragraph: |
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| | | “(e) | where the charge under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act is constituted before, on or after 1 January 2016 to secure the payment of an amount to the Board, the spouse — |
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| | | (i) | has applied, in such manner as the Board may require, for that charge to be cancelled; |
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| | | (ii) | at the time the Board considers the spouse’s application, has a relevant property charge and the total of the following amounts is not less than the minimum sum applicable to the spouse: |
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| | | (A) | the amount secured by the relevant property charge; |
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| | | (B) | the amount of the minimum sum the spouse has set aside; and |
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| | | (iii) | satisfies such terms and conditions as the Board may impose.”.”; |
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| | (f) | by deleting the full-stop at the end of sub-paragraph (e) of paragraph (5) and substituting a semi-colon, and by inserting immediately thereafter the following sub-paragraph:| “(f) | where the undertaking under section 27D(1)(v)(A) of the Act is given, before, on or after 1 January 2016, the spouse —| (i) | has applied, in such manner as the Board may require, for the undertaking not to be enforced; | | (ii) | at the time the Board considers the spouse’s application, has a relevant property charge and the total of the following amounts is not less than the minimum sum applicable to the spouse:| (A) | the amount secured by the relevant property charge; | | (B) | the amount of the minimum sum the spouse has set aside; and |
| | (iii) | satisfies such terms and conditions as the Board may impose.”; and |
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| | (g) | by inserting, immediately after paragraph (5), the following paragraph:| “(6) In this regulation, “relevant property charge” means a charge under section 21(1), 21A(1), 21B(1), 27E(1)(iv) or 27F(1)(iv) of the Act.”. |
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