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Formal Consolidation |  1998 RevEd
Sale with Board’s permission
24.  The Board may subject to such terms and conditions as it may impose, permit a member who has withdrawn money under these Regulations to sell, transfer, assign or otherwise dispose of the residential property or any of his interests therein in respect of which such withdrawal has been made to any person, if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund of —
(a)all moneys withdrawn by him, and of such interest as would have accrued thereto if the withdrawal had not been made; or
(b)the net proceeds of the sale, transfer, assignment or disposition, as the case may be,
whichever is the less.
Informal Consolidation | Amended S 364/2006
Sale with Board’s permission
24.—(1)  The Board may, subject to such terms and conditions as it may impose, permit a member who has withdrawn money under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid) to sell, transfer, assign or otherwise dispose of the residential property or any of his estate or interest therein to any person —
(a)if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund of —
(i)all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made; or
(ii)the net proceeds of the sale, transfer, assignment or disposal, as the case may be,
whichever is the less; or
(b)where the member —
(i)withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(ii)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,
if the member repays into his account in the Fund all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.
(2)  Where a member who has withdrawn money under these Regulations in respect of a residential property —
(a)sells, transfers, assigns or otherwise disposes of the property or his estate or interest therein with the permission of the Board under paragraph (1)(a); and
(b)either —
(i)withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(ii)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 repay into his account in the Fund all moneys withdrawn by him (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid) and the interest that would have accrued thereto if the withdrawal had not been made, or such part thereof as may be determined by the Board.
[S 364/2006 wef 01/07/2006]