2.—(1) In these Regulations, unless the context otherwise requires —
“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;
“approved bank” means any bank approved by the Board;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;
“loan” means a loan —
(a)
obtained by a member to finance or re-finance in whole or in part the purchase or acquisition of a property; or
(b)
to make full or periodic payment towards the repayment of a mortgage on any property inherited by a member if the mortgage was obtained solely for the purchase or acquisition of that property,
including the payment of any costs, fees, stamp duties or other incidental expenses incurred in connection with paragraph (a) or (b);
“mortgage” includes any charge on any property for securing the repayment of any money lent to a person;
“property” means any building or part of a building or any flat which is permitted pursuant to any written law to be used for any commercial or industrial purpose or any such building or flat which is in the course of erection but does not include any temporary building;
“temporary building” means a building which is permitted by the Building Authority under the Building Control Act (Cap. 29) to be erected or to remain for a specified period at the expiration of which the building shall be demolished and includes a building erected, in the opinion of the Board, with materials either wholly or in part which are in the absence of special care, liable to rapid deterioration or are otherwise unsuitable for the erection of a permanent building.
[S 705/2007 wef 01/01/2008]
(2) A reference in these Regulations to the purchase of a property includes a purchase made under an agreement for the sale and purchase of the property where title to the property will be conveyed, transferred or assigned to the purchaser on payment of the full purchase price.
(3) For the purposes of regulations 19(2C) and 21(2C), which apply where a member has withdrawn any moneys under these Regulations in respect of the property referred to in regulations 19(1)(a) and 21(1)(a)(i), respectively, or is required under section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 the property referred to in regulations 19(1)(b) and 21(1)(a)(ii), respectively, and the member is required to pay or repay to the Board or the Fund any moneys secured by any charge on the property under section 21(1), 21A(1) or 27E(1)(iv) of the Act (referred to in this paragraph as the relevant charge), the relevant requirements are as follows:
(a)
any of the following applies:
(i)
there is a charge created under section 15(9) or (9A) of the Act on an immovable property (not being the property) to secure the payment to the Board of the minimum sum applicable to the member;
(ii)
there is an undertaking under section 15(10) of the Act given by the member, being the owner of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which he is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iii)
there is an undertaking under section 15(10) or (10A) of the Act given by the member and one or more other persons, being joint owners of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iv)
there is a charge under section 21(1) or 21A(1) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(v)
there is a charge constituted under section 21B(1) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(vi)
there is a charge under section 27C(1)(v) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment by the member of the amount referred to in section 27C(1)(iii) of the Act;
(vii)
there is an undertaking under section 27D(1)(v) of the Act given by the member to pay to the Board the amount referred to in section 27D(1)(iii) of the Act in the event an immovable property (not being the property) is sold or disposed of;
(viii)
there is a charge under section 27E(1)(iv) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account; or
(ix)
there is a charge constituted under section 27F(1)(iv) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(b)
the member designates, in such manner as the Board may require, the immovable property referred to in the applicable sub-paragraph of sub-paragraph (a) as the principal immovable property from which an amount sufficient to cover any deficiency in the minimum sum which the member is required to set aside shall be paid to the Board, on the sale, transfer, assignment or disposal of the immovable property, or on the compulsory acquisition of the immovable property under any written law, out of the proceeds of such sale, transfer, assignment, disposal or compulsory acquisition, as the case may be;
(c)
where the member and one or more other persons jointly own the immovable property referred to in the applicable sub-paragraph of sub-paragraph (a), each joint owner of the immovable property (other than the member) gives his consent for the member to designate the immovable property as the principal immovable property for the purposes of sub-paragraph (b);
(d)
the member —
(i)
applies to the Board, in such manner as the Board may require, not to fully enforce the relevant charge; and
(ii)
agrees to such terms and conditions as the Board may impose for not fully enforcing that charge; and