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Formal Consolidation |  1998 RevEd
Unclaimed moneys
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.
[G.N. Nos. S 313/87; S 427/92; S 297/97]
Informal Consolidation | Amended S 367/2003
Unclaimed moneys
7.—(1)  Where —
(a)any amount has been authorised to be paid out of the Fund to any person entitled thereto under section 15, 20, 26 or 27 of the Act and that person has not obtained payment; and
(b)the amount has not been successfully transferred to that person or the instrument in respect of such payment has been returned to the Board,
the Board shall restore to the member’s account the amount or the value of the instrument as if such amount or value had been restored —
(i)from the date of the unsuccessful transfer of the amount to the person entitled to the payment; or
(ii)where the instrument has been returned to the Board, from the date of return of the instrument or date of expiry of the instrument, whichever is earlier,
and the Board shall credit interest, on the amount restored, in such manner as the Board considers fit.
(2)  Where on any day in January in any year any amount is standing to the credit of any member of the Fund in respect of whom no contributions have been received during the period of 10 years immediately preceding such year and it appears to the Board —
(a)that the member is above the age of 100 years or such other greater age as may be determined by the Board;
(b)that the member 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 death of that member; or
(c)that the identity and the age of the member is unknown,
the Board shall transfer the amount standing to the credit of that member in the Fund out of his account to the Reserve Account of the Fund.
(3)  All amounts that have, before 1st January 2003, been accounted for as unclaimed by the Board shall be transferred to the Reserve Account of the Fund.
(4)  If it is established that any condition for the transfer of any amount from a member’s account to the Reserve Account of the Fund has not been complied with, the Board shall restore to the member’s account the amount which has been so transferred and credit interest in such manner as the Board considers fit on the amount restored as if the transfer had not taken place.
(5)  Where any amount has been transferred to the Reserve Account of the Fund under paragraph (2) or (3), 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 which has been so transferred and credit interest on the amount restored as if the transfer had not taken place in such manner as the Board considers fit.
(6)  Where —
(a)any amount has been authorised to be paid out of the Fund to any person entitled thereto under section 15, 20, 26 or 27 of the Act and that person has not obtained payment;
(b)the amount has not been successfully transferred to that person or the instrument in respect of such payment has been returned to the Board; and
(c)the amount or the value of the instrument has been subsequently transferred to the Reserve Account of the Fund under paragraph (3),
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 as if such amount had been restored —
(i)from the date of the unsuccessful transfer of the amount to the person entitled to the payment; or
(ii)where the instrument has been returned to the Board, from the date of return of the instrument or date of expiry of the instrument, whichever is earlier, and the Board shall credit interest, on the amount restored, in such manner as the Board considers fit.
(7)  Except as provided in paragraphs (4), (5) and (6), no interest shall be payable on any amount which has been transferred to the Reserve Account of the Fund and any interest derived from the investment of any such amount shall be included with other income of the Fund.
(8)  In this regulation, “instrument” includes any bank draft, warrant or cheque.
(9)  For the purposes of paragraphs (1) and (6) —
(a)any amount paid out of the Fund and unsuccessfully transferred to the person entitled to such payment includes an amount paid out by the inter-bank GIRO or telegraphic transfer; and
(b)where any amount is or was paid out of the Fund in any foreign currency, the amount or the value of the instrument restored to the member’s account may be more or less than the amount paid out of the Fund.
[S 695/2002 wef 01/01/2003]