Withdrawal for payment of share in common property transferred by Housing and Development Board
23.—(1) Where a member is liable as the owner of a residential property to pay for a share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act (Cap. 158), the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him for —
(a)
full or partial payment for his share in the common property;
(b)
periodic payments towards the repayment of a loan or for full or partial repayment of a loan; and
(c)
payment of costs, fees or other incidental expenses arising from the transfer of the common property, the obtaining of the loan or the withdrawal of moneys under this regulation.
(2) All moneys withdrawn from the Fund under this regulation shall be paid by the Board to the Housing and Development Board or such other persons as the Board thinks fit to receive such moneys.
(3) The total amount that may be withdrawn by a member under this regulation shall not exceed the amount determined by the Board.
(4) In this regulation —
“common property” has the same meaning as in section 3 of the Land Titles (Strata) Act (Cap. 158);
“loan” means a loan obtained by a member, the repayment of which is secured by a mortgage on any residential property of which he is the owner or joint-owner, to pay in whole or in part for that member’s share in the common property;
“relevant property” means the residential property, including the common property, which will be comprised in a subsidiary strata title issued to the owner pursuant to the application under section 126 of the Land Titles (Strata) Act.
(5) Notwithstanding the definition of “loan” in paragraph (4), the Board may, in its discretion and subject to such terms and conditions as it may impose, allow a member to withdraw money under this regulation even if the loan obtained by the member is not secured by a mortgage on any residential property of which he is the owner or joint-owner.
(6) Where a member has withdrawn moneys under this regulation, regulations 25 to 28 shall apply as if the words “residential property” therein refers to “relevant property”.