Central Provident Fund (Investment Schemes) (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 25 Feb 2003

No. S 89

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment) Regulations 2003

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

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Investment Schemes) (Amendment) Regulations 2003 and shall be deemed to have come into operation on 1st October 2002.

Amendment of regulation 33

2. Regulation 33 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) is amended —

(a)

by deleting the words “sells his shares in an approved corporation” in paragraph (1) and substituting the words “has sold his shares in an approved corporation and the proceeds of sale were received by the Board before 1st October 2002”;

(b)

by inserting, immediately after paragraph (1), the following paragraph:

“(1A) Where a member sells his shares in an approved corporation and the proceeds of sale are received by the Board on or after 1st October 2002, the Board shall credit to the ordinary account of the member the whole proceeds of the sale less any expenses incurred as a result of the sale of the shares.”;

(c)

by deleting paragraph (2) and substituting the following paragraph:

“(2) All dividends declared or interest earned in respect of shares in an approved corporation purchased by a member under these Regulations shall be credited to —

(a)	the member’s Share Profit Account, where such dividends or interest were received by the Board before 1st October 2002; or
(b)	the member’s ordinary account, where such dividends or interest are received by the Board on or after 1st October 2002.”; and

(d)

by deleting the regulation heading and substituting the following regulation heading:

“Account into which earnings from shares are to be credited”.

[G.N. No. S 434/2002]

Made this 21st day of February 2003.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM S 2.4/80 T 6 V2; AG/LEG/SL/36/2002/1 Vol. 1]

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

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