Restriction on mortgage of property
8.—(1)  As long as a charge or pledge subsists over any immovable property belonging to the member, his spouse, or both of them jointly, under section 15(9), (9A), (10), (10A), (11D) or (11E) of the Act, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property, without the prior written consent of the Board.
[S 503/2007 wef 01/10/2007]
[S 708/2012 wef 01/01/2013]
(2)  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
[S 708/2012 wef 01/01/2013]
(c)a charge has been created over the immovable property under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act, or the member has given a pledge in relation to the immovable property under section 27D(1)(v)(A) of the Act,
[S 708/2012 wef 01/01/2013]
the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board, so long as the charge or pledge subsists to secure the payment of the retirement sum into the member’s retirement account.
[S 503/2007 wef 01/10/2007]
[S 735/2016 wef 01/01/2017]
(3)  In paragraph (2) —
“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.
[S 503/2007 wef 01/10/2007]