Use of money in special account for payment of improvement contributions in respect of upgrading works
5C.—(1) Where a member, as owner of a residential property, is liable to pay, on or after 1st March 1999, the monthly improvement contributions due to the Housing and Development Board in respect of upgrading works carried out on the residential property under Part IVA of the Housing and Development Act (Cap. 129), the Board, with the approval of the Minister, may —
(a)
on the application of the member; or
(b)
if it considers necessary,
and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him for the payment of such monthly improvement contributions.
(2) All moneys withdrawn from the Fund under paragraph (1) shall be paid by the Board to the Housing and Development Boardor such other person as the Board considers fit to receive the moneys.
(3) The total amount which a member may withdraw under paragraph (1) to pay such monthly improvement contributions shall be determined by the Board.