8.—(1) Where —(a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 15(9), (9A), (11D) or (11E) of the Act or a pledge is given under section 15(10) or (10A) of the Act, to any person; and | (b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or pledge (or such part of that amount as the Board may determine) is paid to the Board, [S 853/2015 wef 01/01/2016] |
the Board shall pay that amount into the member’s ordinary account. |
(2) Where —(a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act or a pledge is given under section 27D(1)(v)(A) of the Act, to any person; and | (b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or pledge (or such part of that amount as the Board may determine) is paid to the Fund, [S 853/2015 wef 01/01/2016] |
the Board shall pay that amount into the member’s special account. |
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(3) For the purposes of section 15(10B) of the Act, each of the following is a prescribed circumstance:(a) | the death of the member; | (b) | the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act; | (e) | the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the member, or by the member and the other person or persons referred to in section 15(10) or (10A) of the Act, with the Housing and Development Board under the Lease Buyback Scheme; [S 853/2015 wef 01/01/2016] | (f) | the member —(i) | has applied, in such manner as the Board may require, for the undertaking not to be enforced; | (ii) | has, at the time the Board considers the member’s application, a relevant property charge which secures an amount not less than the amount covered by the undertaking given under section 15(10) or (10A) of the Act, as the case may be; and | (iii) | satisfies such terms and conditions as the Board may impose. [S 853/2015 wef 01/01/2016] |
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(4) For the purposes of section 15(11F)(e) and (15)(e) of the Act, each of the following is a prescribed event:(a) | the death of the member; | (b) | the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act; [S 853/2015 wef 01/01/2016] | (e) | where the charge referred to in section 15(11F) of the Act is constituted on or after 1 January 2016 to secure the payment of an amount to the Board, the member has, at the time when that charge is constituted, a relevant property charge which secures an amount not less than the amount secured by the charge constituted under section 15(11D) or (11E) of the Act, as the case may be; [S 853/2015 wef 01/01/2016] | (f) | where the charge referred to in section 15(11F) of the Act is constituted before, on or after 1 January 2016 to secure the payment of an amount to the Board and sub-paragraph (e) does not apply, the member —(i) | has applied, in such manner as the Board may require, for that charge to be cancelled; | (ii) | has, at the time the Board considers the member’s application, a relevant property charge which secures an amount not less than the amount secured by the charge constituted under section 15(11D) or (11E) of the Act, as the case may be; and | (iii) | satisfies such terms and conditions as the Board may impose; [S 853/2015 wef 01/01/2016] |
| (g) | where the charge referred to in section 15(15) of the Act is created before 1 January 2013 to secure the payment of an amount to the Board, the member —(i) | has applied, in such manner as the Board may require, for that charge to be cancelled; | (ii) | has, at the time the Board considers the member’s application, a relevant property charge which secures an amount not less than the amount secured by charge created under section 15(9) or (9A) of the Act, as the case may be; and | (iii) | satisfies such terms and conditions as the Board may impose. [S 853/2015 wef 01/01/2016] |
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(4A) Paragraph (4) applies, with the following modifications, to a charge under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act, as the case may be, constituted before, on or after 1 January 2016:(a) | any reference to the member is to be read as a reference to the spouse; | (b) | sub-paragraphs (e), (f) and (g) of paragraph (4) are replaced by the following sub-paragraph:“(e) | where the charge under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act is constituted before, on or after 1 January 2016 to secure the payment of an amount to the Board, the spouse — |
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| (i) | has applied, in such manner as the Board may require, for that charge to be cancelled; |
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| (ii) | has, at the time the Board considers the spouse’s application, a relevant property charge which secures an amount not less than the amount secured by charge created under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act, as the case may be; and |
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| (iii) | satisfies such terms and conditions as the Board may impose.”. |
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[S 853/2015 wef 01/01/2016] |
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(5) For the purposes of section 27D(1)(vi) of the Act, each of the following is a prescribed circumstance:(a) | the death of the spouse; | (b) | the spouse is entitled to withdraw the amount standing to the credit of the spouse in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | (c) | the spouse complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act; | (d) | the spouse is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act; | (e) | the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the spouse, or by the spouse and any other person or persons, with the Housing and Development Board under the Lease Buyback Scheme; [S 705/2012 wef 01/01/2013] [S 853/2015 wef 01/01/2016] | (f) | where the undertaking under section 27D(1)(v)(A) of the Act is given, before, on or after 1 January 2016, the spouse —(i) | has applied, in such manner as the Board may require, for the undertaking not to be enforced; | (ii) | has, at the time the Board considers the spouse’s application, a relevant property charge which secures an amount not less than the amount covered by the undertaking given under section 27D(1)(v)(A) of the Act; and | (iii) | satisfies such terms and conditions as the Board may impose. [S 853/2015 wef 01/01/2016] |
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(6) In this regulation, “relevant property charge” means a charge under section 21(1), 21A(1), 21B(1), 27E(1)(iv) or 27F(1)(iv) of the Act. [S 853/2015 wef 01/01/2016] |
(7) This regulation only applies to a member who attained 55 years of age before 1 January 1987. [S 853/2015 wef 01/01/2016] |
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