Restriction on mortgage of property
14.  Where a charge or a pledge subsists over any immovable property belonging to a member or his spouse or both of them jointly under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act to secure the payment of the minimum sum into the member’s retirement account, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property unless with the prior written consent of the Board.
(1)  Where a charge or a pledge subsists over any immovable property belonging to a member or his spouse or both of them jointly under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act to secure the payment of the minimum sum into the member’s retirement account, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property unless with the prior written consent of the Board.
[S 504/2007 wef 01/10/2007]
(2)  Where a member is the spouse of any relevant person, and a charge or pledge under section 27C (1) (v), 27D(1)(v), 27E(1)(iv) or 27 F (1) (iv) of the Act subsists over any immovable property, in respect of which the relevant person has transferred (other than by way of sale) his estate or interest to the member, to secure the payment of the minimum sum into the member’s retirement account, the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board.
[S 504/2007 wef 01/10/2007]
(3)  In this paragraph and paragraph (2) —
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years, who has transferred (other than by way of sale) his estate or interest in an immovable property to his spouse pursuant to an order of court (as defined in section 27A of the Act);
“spouse” includes a former spouse.
[S 504/2007 wef 01/10/2007]