7.—(1) Where any amount has been authorised to be paid out of the Fund to any person entitled thereto under section 15(2) or (3) of the Act and that person has not obtained payment within one year of the date of the authorisation, such amount shall be accounted for as unclaimed.
(2) Where on 1st January in any year any amount is standing to the credit of any member in respect of whom no contributions have been received during the period of 10 years immediately preceding that year and if it appears to the Board —
(a)
that the member is above the age of 65 years and does not have a medisave account;
(b)
that the member who has a medisave account is dead and no claim has been received by the Board from any person entitled thereto for a period of 10 years from the date of the death of that member; or
(c)
that the identity and age of the member is unknown,
the Board may transfer the amount standing to the credit of that member in the Fund out of his account and account for it as unclaimed.
(3) If contributions again become payable for the member or it is established that the member has not attained the age of 65 years, any amount which has been transferred out of the member’s account and is accounted for as unclaimed under paragraph (1) or (2) shall be restored to the member’s account and credited with interest as if the transfer had not taken place.
(4) Any amount which remains accounted for as unclaimed for more than 10 years shall be transferred to the Reserve Account of the Fund.
(5) Where any amount has been —
(a)
accounted for as unclaimed and has not been restored under paragraph (3); or
(b)
transferred to the Reserve Account under paragraph (4),
the Board shall, upon the application of any person entitled to the whole or part of the amount, restore to the member’s account the amount due to the applicant and credit interest on the amount restored as if it had not been transferred out of the member’s account.
(6) Except as provided in paragraphs (3) and (5), no interest shall be added to any amount in respect of any period during which it is accounted for as unclaimed or after it has been transferred to the Reserve Account and any interest derived from the investment of any such amount shall be included with other income of the Fund.