Central Provident Fund (Non-Residential Properties Scheme) (Amendment) Regulations 1999

No. S 87

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Non-residential Properties Scheme) (Amendment)
Regulations 1999

In exercise of the powers conferred by section 77(1)(h) of the Central Provident Fund Act, the Minister for Manpower, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1.—(1) These Regulations may be cited as the Central Provident Fund (Non-Residential Properties Scheme) (Amendment) Regulations 1999 and shall, with the exception of regulation 2(b), come into operation on 1st March 1999.

(2) Regulation 2(b) shall be deemed to have come into operation on 1st February 1999.

New regulations 5A and 5B

2. The Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10) (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 for payment of the monthly instalments of principal and interest towards a loan.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.”; and

(b)

by inserting, immediately after regulation 5A, the following regulation:

“Use of money in special account for payment of loan

5B.—(1) Where a member, as owner of a property, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards a loan, 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the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him for the payment of such monthly instalments.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.”.

Amendment of regulation 6

3. Regulation 6 of the principal Regulations is amended by deleting the words "regulations 4 and 5" in the 1st line and substituting the words "regulations 4, 5, 5A and 5B".

Amendment of regulation 7

4. Regulation 7 of the principal Regulations is amended by deleting the words "regulations 3 and 4" in the heading and in the 2nd line and substituting in each case the words "regulations 3, 4, 5A and 5B".

Amendment of regulation 14

5. Regulation 14 of the principal Regulations is amended by deleting the words "regulation 4, 5 or 10" in the 1st and 2nd lines and substituting the words "regulation 4, 5, 5A, 5B or 10".

Amendment of regulation 18

6. Regulation 18(3) of the principal Regulations is amended by deleting the word "All" and substituting the words "Subject to section 15A of the Act, all".

Made this 27th day of February 1999.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM C29/68 T4; AG/LEG/SL/36/97/8 Vol.1]

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

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