5A.—(1) This regulation applies only to the withdrawal of money by a member in respect of a house or flat where the Housing and Development Board receives the member’s application to purchase or acquire that house or flat on or after 1 July 2013.
(2) A member is not entitled to withdraw any money for any purpose permitted under these Regulations in respect of a house or flat mentioned in paragraph (1) unless the unexpired term of the leasehold estate of the house or flat on the specified date is —
(a)
more than 20 years — if the specified date is on or after 10 May 2019; or
(b)
30 years or more — if the specified date is before 10 May 2019.
(3) Even though a house or flat does not satisfy the requirement in paragraph (2)(a) or (b) (as the case may be), the Board may in its discretion authorise, subject to any terms and conditions it may impose, the withdrawal of money by the member for any permitted purpose under these Regulations in respect of the house or flat.
(4) In this regulation, “specified date”, in relation to the withdrawal of money by a member in respect of a house or flat, means the date on which the Housing and Development Board receives the member’s application to purchase or acquire that house or flat.