10.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member of the Fund who —| (a) | has withdrawn any moneys under these Regulations for the purchase of a property (including any moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, |
| to sell, mortgage, lease, transfer or assign the property to, or execute a charge on the property in favour of, a person other than the Company if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part thereof as the Board may determine. |
(2) Subject to paragraphs (3) and (4), where the member of the Fund is not entitled to withdraw the sum standing to his credit in the Fund under section 15(2) of the Act, he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:| (a) | the net proceeds of the sale, mortgage, lease, transfer, assignment or charge, as the case may be; or | | (b) | such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts:| (i) | where paragraph (1)(a) applies to him, all moneys withdrawn by him under these Regulations for the purchase of the property (including any moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (ii) | where paragraph (1)(b) applies to him, the relevant amount. |
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(3) Notwithstanding paragraph (2) but subject to paragraph (4), where the member of the Fund —| (a) | withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or | | (b) | withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15 (7A)(a), (b) or (ba) of the Act, |
| he shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts: |
| (i) | where paragraph (1)(a) applies to him, all moneys withdrawn by him under these Regulations for the purchase of the property (including any moneys lent to him under section 14A of the Act for the purchase of the property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine; | | (ii) | where paragraph (1)(b) applies to him, the relevant amount, or such part thereof as the Board may determine. |
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(4) Notwithstanding paragraphs (2) and (3), where a member of the Fund transfers (other than by way of sale) his estate or interest in the property to his spouse pursuant to an order of court referred to in section 27C (1)(c) or 27E(1)(c) of the Act —| (a) | in the case of an order of court referred to in section 27C(1)(c) of the Act, the person referred to in section 27C (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, any amount referred to in section 27C (1) (i) of the Act which the person may be required by the order of court to pay to the Board; or | | (b) | in the case of an order of court referred to in section 27E(1)(c) of the Act, the member or person referred to in section 27E (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, such of the amounts referred to in section 27E (1) (i) (A), (B) and (C) of the Act as may be applicable to the member or person. |
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(5) In this regulation —“net proceeds”, in relation to any property which is sold, transferred, assigned or disposed of, means any positive difference between —| (a) | the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board; and | | (b) | the aggregate of the following amounts paid in the following order:| (i) | any amount under a housing loan for the purchase of the property which has not been repaid; and | | (ii) | any amount which, under any written law, is to be paid to any other person in priority to the Fund; |
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“relevant amount” means —| (a) | in relation to a member who is required under section 27C (1) (iii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —| (i) | the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; and | | (ii) | the amount which has been paid to the Board under section 27C (1) (i) of the Act towards covering the deficiency in the minimum sum which the spouse is required to set aside; or |
| | (b) | in relation to a member who is required under section 27E (1) (ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —| (i) | the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; and [S 444/2009 wef 01/10/2009] | | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E (1) (i) of the Act; |
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| “spouse” includes a former spouse. [S 508/2007 wef 01/10/2007] |
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