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Formal Consolidation |  1998 RevEd
Value of charge
7.—(1)  Where a charge has been created over any immovable property owned by a member or his spouse or by both of them jointly under section 15(9) or 21 of the Act, the value of the charge for the purposes of section 15(6) of the Act shall be equal to the amount standing to the credit of the member in his retirement account if he had deposited the minimum sum in the retirement account in accordance with section 15(6C) of the Act.
(2)  The value of the charge at any time after the member has attained the age of 55 years shall be the minimum sum that that member is required to set aside at that age plus the interest that would have accrued thereto less the amount that the member is entitled to withdraw under regulation 12.
(3)  For the purposes of assessing the value of any immovable property in respect of which a charge has been created under section 15(9) or 21 of the Act, the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of such valuation shall be borne by the member concerned.
(4)  Where a member is required to pay the expenses of any valuation under paragraph (3), the Board may, on application being made by the member, and subject to such terms and conditions as it may impose, permit the member to withdraw the whole or part of the amount standing to his credit in the Fund for the payment of such expenses.
Informal Consolidation | Amended S 759/2005
Value of charge or pledge
7.—(1)  Subject to paragraph (2), where a charge has been created over any immovable property owned by a member or his spouse or both of them jointly under section 21, 21A or 21B of the Act, the value of the charge for the purposes of section 15(6) of the Act shall be equal to the minimum sum applicable to that member.
[S 759/2005 wef 01/12/2005]
(2)  The value of —
(a)the charge referred to in paragraph (1); or
(b)a charge or pledge created over or given in relation to any immovable property owned by a member or his spouse or both of them jointly under section 15(9), (9A), (10) or (10A) of the Act,
at any time after the member has attained the age of 55 years, shall be the sum of the minimum sum applicable to that member and the interest that would have accrued thereto, less the amount the member is entitled to withdraw under regulation 12.
[S 759/2005 wef 01/12/2005]
(3)  For the purposes of assessing the value of any immovable property in respect of which a charge or pledge has been created or given under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act, the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of such valuation shall be borne by the member concerned.
(4)  Where a member is required to pay the expenses of any valuation under paragraph (3), the Board may, on application being made by the member, and subject to such terms and conditions as it may impose, permit the member to withdraw the whole or part of the amount standing to his credit in the Fund for the payment of such expenses.