18.—(1) Subject to paragraphs (2), (3) and (4), all moneys withdrawn by a member under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable to the Board on the occurrence of any of the following events:
(a)
if the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by him or a co-owner or co-purchaser without the consent of the Board;
(b)
if the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by any mortgagee or by any other person with or without the consent of the Board;
(c)
if any mortgage or encumbrance is created over the property without the consent of the Board;
(d)
[Deleted by S 562/99 wef 15/12/1999]
(e)
if the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations;
(f)
if the property or any estate or interest therein is acquired under the Land Acquisition Act (Cap. 152) or any other written law.
(2) Upon the happening of any of the events mentioned in paragraph (1)(b) or (f), the member shall repay to the Board the amount agreed between the Board, the member and the mortgagee in respect of such sale or disposition of the property by the mortgagee or by any other person, or the amount of any compensation received by the member under the Land Acquisition Act (Cap. 152) or under any other written law, as the case may be.
[S 562/99 wef 15/12/1999]
(3) Subject to paragraph (4), all moneys withdrawn by a member under these Regulations in respect of a property (other than any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made, shall cease to be payable to the Board —
(a)
on the death of the member; or
(b)
when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15 (2), (3) or (4) of the Act and has complied with the requirements for such withdrawal.
[S 366/2006 wef 01/07/2006]
(4) Subject to paragraph (2), where —
(a)
any event mentioned in paragraph (1) occurs; and
(b)
the member —
(i)
withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(ii)
withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15 (7A)(a), (b) or (ba) of the Act,
he shall repay into his account in the Fund all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.