Topping-up of parent’s retirement account upon sale of immovable property by member
8.—(1) Where a member —
(a)
sells or intends to sell to his parent his estate or interest in an immovable property which that parent occupies, co-owns or co-purchased with the member; and
(b)
obtains before such sale or the completion thereof the approval of the Board to top-up that parent’s account,
the member may deduct from the sale price an amount allowed under these Regulations for the topping-up.
(2) A deduction under paragraph (1) shall be subject to such terms and conditions as the Board may impose.
(3) In this regulation —
“Housing Authority” has the same meaning as in section 28 of the Act;
“immovable property” means an immovable property purchased by a member from a Housing Authority or lessee of a Housing Authority using moneys withdrawn from the account of the member in the Fund.