19.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who has withdrawn moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) to sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein to any person —
(a)
if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund of —
(i)
all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made; or
(ii)
the net proceeds of the sale, transfer, assignment or disposal, as the case may be,
whichever is the less; or
(b)
where 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,
if the member repays into his account in the Fund all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be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.
(2) Where a member who has withdrawn money under these Regulations in respect of a property —
(a)
sells, transfers, assigns or otherwise disposes of the property or his estate or interest therein with the permission of the Board under paragraph (1)(a); and
(b)
either —
(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he shall repay into his account in the Fund all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be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.
(3) In this regulation, “net proceeds”, in relation to any property which is sold, transferred, assigned or disposed of, means any positive difference between —
(a)
the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board; and
(b)
the aggregate of the following amounts paid in the following order:
(i)
any amount under a loan for the purchase of the property which has not been repaid; and
(ii)
any amount which, under any written law, is to be paid to any other person in priority to the Fund.