Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations

Central Provident Fund Act

(Chapter 36, Section 77(1)(h))

Rg 14

G.N. No. S 298/1987

REVISED EDITION 1998

(1st January 1998)

[1st December 1987]

Citation

1.—(1) These Regulations may be cited as the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations.

(2) These Regulations shall apply to properties sold before, on or after 1st December 1987.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“Approved HDB-HUDC Housing Scheme” means the scheme approved by the Minister for the purchase of properties by members of the Fund from the Housing and Development Board or from its lessees;

“approved mortgagee” means —

(a)	the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act (Cap. 183)
(b)	any statutory body established by or constituted under any Act; or
(c)	Credit POSB Pte. Ltd., a company incorporated under the Companies Act (Cap. 50)

“Housing and Development Board” means the Housing and Development Board established under section 3 of the Housing and Development Act (Cap. 129);

“housing loan” means a loan obtained by any member on the security of a property from an approved mortgagee to pay the whole or part of the purchase price of the property;

“mortgage” includes any charge on a property to secure the repayment of any money lent;

“property” means a house or flat in any HUDC Housing Estate which is sold by the Housing and Development Board or by its lessee, but does not include a house or flat in Phase I or Phase II of such Estate or a house or flat in such Estate sold after the issue of a subsidiary strata title in respect of it pursuant to an application under section 126 of the Land Titles (Strata) Act (Cap. 158).

(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.

Withdrawal of moneys in Fund for payment of deposit for purchase of property

3. Where a member has made an application to the Housing and Development Board to purchase a property, the Board may, on the application of such member and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn from the Fund and paid to the Housing and Development Board as a deposit for the purchase of the property.

Withdrawal of moneys in Fund for purchase of property or repayment of housing loan or for both

4. A member who, before 16th November 1998 has purchased a property or has obtained a housing loan for the purchase of a property or both may submit an application to the Board to withdraw the whole or part of the amount standing to his credit in the Fund to be used for the payment of the purchase price or part thereof or for the repayment of any housing loan in full or in part, or for both.

Loan by Government to member

4A.—(1) Where the Board has, on or after 1st March 1999, credited into the ordinary account of any member moneys lent by the Government to the member pursuant to any approved loan scheme under section 14A of the Act, the Board may —

(a)	on the application of the member; or
(b)	if it considers necessary,

and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys —

(i)	under regulation 4 for payment of the monthly instalments of principal and interest towards a housing loan; or
(ii)	under regulation 6 for payment of the monthly instalments of principal and interest towards the loan obtained by the member for payment for his share in any common property transferred by the Housing and Development Board.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.

[S 90/99 wef 01/03/1999]

Use of money in special account for payment of housing loan and share in common property transferred by Housing and Development Board

4B.—(1) Where a member, as owner of a property, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards a housing loan or a loan obtained by him for payment of his share in any common property transferred by the Housing and Development Board, the Board, with the approval of the Minister, may —

(a)	on the application of the member; or
(b)	if it considers necessary,

and 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 with the Fund to be withdrawn by him under regulation 4 or 6, as the case may be, for the payment of such monthly instalments.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.

[S 90/99 wef 01/02/1999]

Withdrawal of moneys in Fund for payment of fees and other charges in connection with purchase of property

5.—(1) Where an application for the withdrawal of moneys under these Regulations has been approved by the Board and the member is required to pay any stamp duties, fees and other charges in connection with the purchase of the property, or the creation or discharge of a mortgage on the property or the withdrawal of moneys under these Regulations, the Board may, on the application of such member and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn and used for all or any of such purposes.

(2) In this regulation, “mortgage” means a mortgage created before 16th November 1998.

Withdrawal for payment of share in common property transferred by Housing and Development Board

6.—(1) Where a member who has applied for the withdrawal of moneys in respect of a property under any provision of these Regulations before 16th November 1998 is liable as the owner of that property to pay for a share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act (Cap. 158), the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him for —

(a)	full or partial payment for his share in the common property;
(b)	periodic payments towards the repayment of a loan or for full or partial repayment of a loan; and
(c)	payment of costs, fees or other incidental expenses arising from the transfer of the common property, the obtaining of the loan or the withdrawal of moneys under this regulation.

(2) The total amount that may be withdrawn by a member under this regulation shall not exceed the amount determined by the Board.

(3) In this regulation —

“common property” has the same meaning as in section 3 of the Land Titles (Strata) Act;

“loan” means a loan obtained by a member —

(a)	from an approved mortgagee referred to in paragraph (a) or (b) of the definition of “approved mortgagee” in regulation 2(1); or
(b)	before 16th November 1998 from an approved mortgagee referred to in paragraph (c) of that definition,

on security of the relevant property to pay in whole or in part for that member’s share in the common property;

“owner” includes a co-owner;

“relevant property” means the property, including the common property, which will be comprised in a subsidiary strata title issued to the owner pursuant to the application under section 126 of the Land Titles (Strata) Act.

(4) This regulation shall not apply where the member has withdrawn any money from the Fund under the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) in respect of the property.

(5) Where a member has withdrawn moneys under this regulation, regulations 8 and 11 shall apply as if the word “property” therein refers to “relevant property”.

Moneys withdrawn from Fund to be paid by Board to specified persons

7. All moneys withdrawn from the Fund under these Regulations shall be paid by the Board to the Housing and Development Board or the approved mortgagee or such other person as the Board thinks fit to receive such moneys.

Repayment to Board of moneys withdrawn from Fund

8. Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations together with any interest that would have accrued thereto 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)	if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by the member;
(b)	if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by any mortgagee or by any other person with or without the consent of the Board;
(c)	if any mortgage or encumbrance is created over the property in favour of a person without the consent of the Board;
(d)	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;
(e)	if the property or any interest therein is sold, transferred, assigned or otherwise disposed of pursuant to an order of court. [S 651/2001 wef 21/12/2001]

No repayment of moneys on death of member or if withdrawal is authorised by section 15 of Act

9. Subject to section 15A of the Act and regulation 11, all moneys withdrawn from the Fund under these Regulations plus interest shall cease to be payable to the Board on the death of the member or, subject to the provisions of the Act, when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15 of the Act.

Repayment of moneys to Board if no property is purchased

10. All moneys withdrawn from the Fund under these Regulations by a member shall become due and payable to the Board —

(a)	if the member withdraws his application for the purchase of a property; or
(b)	if the agreement entered into by the member and any person for the purchase of a property is rescinded.

Member may sell, transfer, assign, etc., property subject to Board’s approval

11.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who has withdrawn money under these Regulations to sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein in respect of which the withdrawal has been made to any person, if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund the amount specified in this regulation or such other amount as the Board may allow.

(2) Subject to paragraphs (3) and (9), where the member making the sale, transfer, assignment or disposal is below the age of 55 years at the time of the sale, transfer, assignment or disposal, the member shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(a)	the net proceeds of the sale, transfer, assignment or disposal; or
(b)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(3) Notwithstanding paragraph (2), where the member making the sale, transfer, assignment or disposal —

(a)	is below the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	sells, transfers, assigns or disposes of the property to an immediate family member without consideration or for a consideration below the market value of the property,

he shall, unless the Board otherwise directs, repay to his account in the Fund all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made unless the Board allows the repayment without such interest.

[S 651/2001 wef 21/12/2001]

(4) Subject to paragraphs (5) to (8), (10), (11) and (12), where the member making the sale, transfer, assignment or disposal —

(a)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto. [S 651/2001 wef 21/12/2001]

(5) Notwithstanding paragraph (4) and subject to paragraph (11), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less —

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the higher of the following amount:

(A)

all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made; or

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(6) Notwithstanding paragraph (4) and subject to paragraph (11), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside any minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(7) Notwithstanding paragraph (4) and subject to paragraph (12), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(8) Notwithstanding paragraph (4) and subject to paragraph (12), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(9) Notwithstanding paragraph (2), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court; and
(b)	is below the age of 55 years at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, any of the following amounts as may be required by the Board:

(i)	the net proceeds of the sale, transfer, assignment or disposal;
(ii)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made;
(iii)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A in connection with such purchase); or
(iv)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(10) Notwithstanding paragraphs (4) to (8) and subject to paragraphs (11) and (12), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto. [S 651/2001 wef 21/12/2001]

(11) Notwithstanding paragraphs (4), (5), (6) and (10), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt before attaining the age of 55 years; and
(c)	has attained the age of 55 years at the time of sale and remains a bankrupt at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the higher of the following amounts:

(A)

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(12) Notwithstanding paragraphs (4), (7), (8) and (10), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt after attaining the age of 55 years; and
(c)	remains a bankrupt at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 651/2001 wef 21/12/2001]

(13) 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 outstanding housing loan; and
(ii)	any amount which, by virtue of any written law, is to be paid to any other person in priority to the Fund. [S 651/2001 wef 21/12/2001]

(14) Nothing in this regulation shall apply to —

(a)	the sale, transfer, assignment or disposal of any property which has not been privatised, where the application for the consent of the Housing and Development Board under section 50 of the Housing and Development Act (Cap. 129) in respect of such sale, transfer, assignment or disposal was made before 21st December 2001; or
(b)	the sale, transfer, assignment or disposal of any property which has been privatised, where the application to the Board for cancellation of its charge over the property was made before 21st December 2001. [S 651/2001 wef 21/12/2001]

(15) Regulation 11 in force immediately before 21st December 2001 shall continue to apply in respect of any sale, transfer, assignment or disposal referred to in paragraph (14).

[S 651/2001 wef 21/12/2001]

(16) For the purposes of paragraph (14), a property is privatised if it is comprised in a building erected on land the estate or interest in which has been transferred to all registered proprietors comprised in that building in accordance with section 126 of the Land Titles (Strata) Act (Cap. 158) read with sections 126A and 126B of that Act.

[S 651/2001 wef 21/12/2001]

Repayment of moneys to Board where property is compulsorily acquired by Housing and Development Board

12.—(1) Where a member has withdrawn any moneys under these Regulations and the property in respect of which the withdrawal was made is compulsorily acquired by the Housing and Development Board under section 56 of the Housing and Development Act (Cap. 129) or is acquired by a public authority under any written law, the member shall repay into his account in the Fund the amount specified in this regulation or such other amount as the Board may allow, taking into consideration the circumstances of each case.

(2) Where the member is below the age of 55 years at the time of the acquisition, the member shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(a)	the net proceeds of the acquisition; or
(b)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act in connection with such purchase), together with any interest that would have accrued thereto if the withdrawal had not been made.

(3) Subject to paragraphs (4) to (7), where the member whose property has been acquired —

(a)	has attained the age of 55 years at the time of the acquisition; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto.

(4) Notwithstanding paragraph (3), where the member whose property has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the higher of the following amounts:

(A)

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to him under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made.

(5) Notwithstanding paragraph (3), where the member whose property has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside any minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	all moneys withdrawn by the member in connection with the purchase of the property (including any outstanding loan granted to him under section 14A of the Act), together with any interest that would have accrued thereto if the withdrawal had not been made.

(6) Notwithstanding paragraph (3), where the member whose property has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the acquisition; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made.

(7) Notwithstanding paragraph (3), where the member whose property has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the property, together with any interest that would have accrued thereto if the withdrawal had not been made.

(8) In this regulation —

“net proceeds of the acquisition” means any positive difference between —

(a)

the amount of compensation paid upon the acquisition of the property; and

(b)

the aggregate of the following amounts paid in the following order:

(i)	any outstanding housing loan; and
(ii)	any amount which, by virtue of any written law, is to be paid to any other person in priority to the Fund;

“time of the acquisition” refers to the date of issue of the notice of intention to acquire from the Housing and Development Board under section 56(3) of the Housing and Development Act (Cap. 129) or from a public authority under any written law.

(9) Nothing in this regulation shall apply to the acquisition of any property where the notice of intention to acquire from the Housing and Development Board under section 56(3) of the Housing and Development Act was issued before 21st December 2001.

(10) Regulation 12 in force immediately before 21st December 2001 shall continue to apply in respect of an acquisition referred to in paragraph (9).

[S 651/2001 wef 21/12/2001]

Repayment of moneys where property is vested in Housing and Development Board

13.—(1) Subject to paragraph (2), no moneys withdrawn shall be repayable by the member to the Fund where a property in respect of which such withdrawal has been made under these Regulations is vested in the Housing and Development Board under section 47 of the Housing and Development Act, and the moneys paid or deposited in respect of the property are forfeited.

(2) Where any sum of money paid or deposited in respect of the property is refunded to the member by the Housing and Development Board, upon the vesting of the property as mentioned in paragraph (1), the member shall pay into his account in the Fund the amount so refunded to him or all moneys withdrawn by him including any interest that would have accrued thereto if the withdrawal had not been made, whichever is the less.

Repayment of moneys where agreement for purchase of property is void or rescinded by court

14.—(1) Subject to paragraph (2), no moneys withdrawn shall be repayable by the member to the Fund where the withdrawal has been made from the Fund under these Regulations by a member and the agreement relating to the purchase of the property in respect of which the withdrawal was made is declared to be void or is rescinded by any court.

(2) Where any agreement relating to the purchase of a property is declared to be void or is rescinded by a court, and the member is entitled to any moneys arising therefrom, the member shall pay such moneys into his account in the Fund.

Withdrawal of moneys in Fund permitted for purchase of only one property

15. Unless otherwise approved by the Board, no member of the Fund shall be entitled to make an application for the withdrawal of moneys under these Regulations in respect of more than one property.

Application for withdrawal of moneys in Fund

16.—(1) An application by a member for the withdrawal of moneys under these Regulations shall be made in writing to the Board in such manner as the Board may direct.

(2) Any member making the application shall furnish to the Board all such information, evidence and documents as the Board may require.

[S 298/87; S 25/97]

Saving provision

17. Regulations 7 to 14 shall continue to apply to any withdrawal of money from the Fund authorised by the Board under these Regulations in force immediately before 16th November 1998.

[S 597/98 wef 16/11/1998]

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