Restriction on mortgage of property
14.—(1)  Where any charge or undertaking subsists over any immovable property belonging to a member or his spouse or both of them jointly under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, 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]
[S 706/2012 wef 01/01/2013]
[S 592/2018 wef 01/10/2018]
[S 215/2021 wef 01/04/2021]
[S 136/2022 wef 01/03/2022]
(2)  Where a member is the spouse of any relevant person, and any charge or undertaking under section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) 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, 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]
[S 706/2012 wef 01/01/2013]
[S 592/2018 wef 01/10/2018]
[S 215/2021 wef 01/04/2021]
[S 274/2024 wef 31/12/2021]
(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]