Repayment of moneys on occurrence of certain events
10.—(1) Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations (including any moneys lent to him under section 14A of the Act and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been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 the Board on the occurrence of any of the following events:
(a)
the house or flat or any estate or interest therein is sold, transferred, assigned or otherwise disposed of —
(i)
by the member without the consent of the Board; or
[S 507/2007 wef 01/10/2007]
(ii)
by any person other than the member, including any mortgagee, with or without the consent of the Board;
[S 507/2007 wef 01/10/2007]
(iii)
[Deleted by S 507/2007 wef 01/10/2007]
(b)
if any mortgage or encumbrance is created over the house or flat in favour of any person other than the Housing and Development Board without the consent of the Board;
(c)
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.
[S 507/2007 wef 01/10/2007]
(2) All moneys withdrawn by a member under these Regulations, including —
(a)
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; and
[S 507/2007 wef 01/10/2007]
(b)
any moneys lent to him under section 14A of the Act and withdrawn by him under regulation 4A which have not been repaid,
or such lesser sum as the Board may in its discretion determine, shall become due and payable to the Board on the occurrence of either of the following events:
(i)
the member withdraws his application for the purchase or acquisition of the house or flat;
[S 706/2007 wef 01/01/2008]
(ii)
the agreement entered into by the member for the purchase or acquisition of the house or flat is rescinded, terminated or otherwise aborted.