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Formal Consolidation |  2006 RevEd
Repayment of moneys withdrawn
21.—(1)  Subject to paragraphs (2), (3) and (4), all moneys withdrawn by a member under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable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)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;
(e)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 (e), 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 or under any other written law, as the case may be.
(3)  Subject to paragraph (4), all moneys withdrawn by a member under these Regulations in respect of a property (other than any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have accrued thereto if the withdrawal had not been made, shall cease to be payable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.
(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.
Informal Consolidation | Amended S 511/2007
Repayment of moneys in certain circumstances
21.—(1)  Subject to paragraphs (2), (4) and (5), where a member —
(a)has withdrawn any moneys 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); or
(b)is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property,
in the event that —
(i)the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by the member or a co-owner or co-purchaser without the consent of the Board;
(ii)the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or
(iii)the property or any estate or interest therein is acquired under the Land Acquisition Act (Cap. 152) or any other written law,
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall become due and payable to his account in the Fund:
(A)if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the 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 the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)if sub-paragraph (b) applies to him, the relevant amount as defined in regulation 19(5).
(2)  A member shall —
(a)upon the occurrence of the event mentioned in paragraph (1)(ii), pay to his account in the Fund the amount agreed between the Board, the member, the mortgagee (if any) of the property and the other person (if any) making the sale, transfer, assignment or disposal of the property; or
(b)upon the occurrence of the event mentioned in paragraph (1)(iii), pay to his account in the Fund the amount of any compensation received by him under the Land Acquisition Act (Cap. 152) or other written law.
(3)  Subject to paragraphs (4) and (5), 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 the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made, shall become due and payable to his account in the Fund in the event that —
(a)any mortgage or encumbrance is created over the property without the consent of the Board; or
(b)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.
(4)  Subject to paragraph (5), where a member —
(a)has withdrawn any moneys 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); or
(b)is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property,
then —
(i)on the death of the member; or
(ii)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,
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund:
(A)if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the 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 the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)if sub-paragraph (b) applies to him, the relevant amountas defined in regulation 19(5).
(5)   Subject to paragraph (2), where —
(a)any event referred to in paragraph (1) or (3) occurs; and
[S 446/2009 wef 01/10/2009]
(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,
the member shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (1)(a) or (3) applies to him, all moneys withdrawn by him in respect of the 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 been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
[S 446/2009 wef 01/10/2009]
(B)where paragraph (1)(b) applies to him, the relevant amountas defined in regulation 19(5), or such part thereof as the Board may determine.
[S 446/2009 wef 01/10/2009]