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Formal Consolidation |  2006 RevEd
Use of minimum sum
16.—(1)  A member shall, if he desires to deposit in an approved bank the amount maintained by him as the minimum sum, use the whole amount maintained by him as the minimum sum at that time for such deposit.
(2)  A member shall, if he desires to purchase an approved annuity with the amount maintained by him as the minimum sum, use the whole or part of the amount maintained by him as the minimum sum at that time for such purchase.
Informal Consolidation | Amended S 394/2009
Use of amount referred to in section 15(6C)(b) of Act
16.—(1)  A member shall, if he desires to deposit the amount referred to in section 15(6C)(b) of the Act with an approved bank, use the whole of that amount at that time for such deposit.
(2)  A member may, if he desires to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, use the whole or any part of that amount at that time for such purchase.
(3)  A member referred to in section 27K(3) of the Act may, if the Board permits him to join the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is deposited in his retirement account at that time to pay a premium under section 27L(1) of the Act for an annuity plan under the Scheme.
(4)  A relevant member may, if he desires to be issued with an additional annuity plan under the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is deposited in his retirement account at that time to pay a premium under section 27L(1) of the Act for an additional annuity plan under the Scheme.
[S 394/2009 wef 01/09/2009]