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.
(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 whole or such part, as the Board may determine, of the interest that would have been payable thereon, less the amount the member is entitled to withdraw under regulation 12.
(2A)  Where —
(a)a member is the spouse of any relevant person;
(b)pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and
(c)a charge has been created over the immovable property under section 27C(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act, or the member has given a pledge in relation to the immovable property under section 27D(1)(v) of the Act,
the value of the charge or pledge for the purposes of section 15(6) of the Act shall be —
(i)subject to sub-paragraph (ii), the minimum sum applicable to the member; or
(ii)where the member has attained the age of 55 years, the sum of the minimum sum applicable to the member and the whole or such part, as the Board may determine, of the interest that would have been payable thereon, less the amount the member is entitled to withdraw under regulation 12.
[S 707/2007 wef 01/01/2008]
[S 396/2009 wef 01/09/2009]
[S 503/2007 wef 01/10/2007]
(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, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) 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.
(5)  In paragraph (2A) —
“order of court” and “spouse” have the same meanings as in section 27A of the Act;
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years.