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Formal Consolidation | 2006 RevEd
Approved bank or approved annuity
15.—(1) The Board may, from time to time, approve any bank with whom a member may deposit the minimum sum or an annuity which a member may purchase from the insurer of that annuity with the minimum sum which he is required to set aside under section 15(6)(a) of the Act.
(2) Any bank approved by the Board or any insurer whose annuity has been approved by the Board under paragraph (1) shall comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the minimum sum scheme.
Informal Consolidation | Amended S 394/2009
Approved bank or approved annuity
15.—(1) The Board may, from time to time, approve —
(a)
any bank with which a member may deposit the amount referred to in section 15(6C)(b) of the Act; or
(b)
any annuity which a member may purchase from an insurer using the amount referred to in section 15(6C)(b) of the Act.
[S 394/2009 wef 01/09/2009]
(2) Any bank approved by the Board or any insurer whose annuity has been approved by the Board under paragraph (1) shall comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the minimum sum scheme.