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.
(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.
(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.
[S 503/2007 wef 01/10/2007]
(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.