| 5.—(1) Where a member has made any withdrawal under these Regulations for himself, his child or relative to pursue a course of study at an approved educational institution, the member, his child or relative, as the case may be, shall refund to the account of the member in the Fund the amount so withdrawn including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made. [S 708/2007 wef 01/01/2008] [S 512/2008 wef 01/11/2008] (2) Where a member, his child or relative is required to refund to the Board to the account of the member in the Fund under paragraph (1), the refund shall —| (a) | unless the Board otherwise allows in any particular case, commence one year after the member, his child or relative, as the case may be, has completed his course of study or where the member, his child or relative does not complete the course of study, one year from the date the member, child or relative leaves the approved educational institution; and [S 512/2008 wef 01/11/2008] [S 578/2011 wef 15/10/2011] | | (b) | be made in one lump sum or by instalments either monthly or at other intervals in such manner as the Board may determine over a period not exceeding 12 years or such other period as the Board may allow in any particular case. [S 578/2011 wef 15/10/2011] |
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(3) A member, his child or relative shall not be required to refund to the Board any money withdrawn under these Regulations on the occurrence of any of the following events:| (a) | on the death of the member; | | (b) | on the death or incapacity of the member’s child or relative in respect of whom such withdrawals were made; | | (c) | if —| (i) | the member has applied, in such form as the Board may require, for the repayment to be waived under this sub-paragraph; | | (ii) | the Board is satisfied that the member is entitled to withdraw the sum standing to his credit in the Fund under section 15(2)(a), (b) or (c), (3) or (4), 15AA(1) or 27(2) of the Act or section 15(2)(d), (e), (f) or (g) of the Act as in force before 1 March 2022 and has complied with the requirements for such withdrawal; and [S 125/2022 wef 01/03/2022] | | (iii) | the Board approves the member’s application referred to in sub-paragraph (i); or |
| | (d) | where the money was withdrawn under these Regulations by the member for a course of study pursued by him, if the Board is satisfied that the member has withdrawn the sum standing to his credit in the Fund under section 15(2)(a), (b) or (c), (3) or (4), 15AA(1) or 27(2) of the Act or section 15(2)(d), (e), (f) or (g) of the Act as in force before 1 March 2022 and has complied with the requirements for such withdrawal. [S 125/2022 wef 01/03/2022] |
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| (3A) Where a charge is constituted on a member’s immovable property under section 15AB(13) of the Act or section 15(11EB) of the Act as in force before 1 March 2022 and the member is not eligible for a waiver of repayment under paragraph (3)(c), the Board may reduce the amount required to be refunded to the account of the member in the Fund under paragraph (1), in whole or in part, up to the amount secured by the charge. [S 223/2021 wef 01/04/2021] [S 125/2022 wef 01/03/2022] |
| (4) In granting its approval under paragraph (3)(c)(iii), the Board may impose such terms and conditions as it thinks fit. |
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