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Formal Consolidation |  2006 RevEd
Use of money in special account for payment of loan
8.—(1)  Where a member, as owner of a property, is liable to pay the monthly instalments of principal and interest towards a loan —
(a)if the liability to pay arises on or after 1st February 1999, the Board, with the approval of the Minister, may —
(i)on the application of the member or if it considers necessary; and
(ii)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authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him for the payment of such monthly instalments; and
(b)if the liability to pay arises on or after 1st July 2006, the Board may —
(i)on the application of the member; and
(ii)subject to such terms and conditions as it may impose,
authorise the whole or part of any amount standing to the credit of the member in his special account which had been transferred from his medisave account under section 13(6) of the Act to be withdrawn by him for the payment of such monthly instalments.
(2)  The total amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly instalments shall be determined by the Board.
Informal Consolidation | Amended S 238/2015
Use of money in special account for payment of loan
8.—(1)  Where a member is liable, as owner of a property, to pay the monthly instalments of principal and interest towards a loan, the Board may authorise to be withdrawn from the moneys standing to the member’s credit in the member’s special account an amount not exceeding one of the following to pay the monthly instalments:
(a)the balance remaining of moneys transferred from the member’s medisave account under section 13(6) of the Act to the member’s special account;
(b)if the Minister approves the withdrawal, the total amount of moneys standing to the member’s credit in the member’s special account from time to time.
(2)  The Board may authorise either or both of the amounts under paragraph (1)(a) and (b) to be withdrawn —
(a)on the application of the member or if the Board considers it necessary; and
(b)subject to such terms and conditions as the Board may impose.
(3)  The amounts that a member may withdraw under paragraph (1)(a) or (b) are to be determined by the Board.
[S 238/2015 wef 24/04/2015]