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Formal Consolidation |  2006 RevEd
Member may not mortgage without permission of Board
27.—(1)  As long as any money withdrawn remains payable to the Fund under regulation 28, the member shall not mortgage or in any way encumber the residential property in respect of which the withdrawal had been made without the prior written permission of the Board.
(2)  In granting any permission under paragraph (1), the Board may —
(a)require the member to make adequate arrangements to secure the repayment into the member’s account in the Fund of all moneys withdrawn by him and of such interest as would have accrued thereto if the withdrawal had not been made; or
(b)impose such other terms and conditions as the Board may think fit.
Informal Consolidation | Amended S 512/2007
Prohibition on mortgage
27.—(1)  Where a member has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), as long as any such moneys remain payable to the Fund, the member shall not mortgage or in any way encumber the residential property without the prior written permission of the Board.
(2)  In granting any permission under paragraph (1), the Board may —
(a)require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —
(i)all moneys withdrawn by him in respect of the residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if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; and
(ii)where he is also required under section 27C (1) (iii) or 27E(1)(ii) of the Act to pay any moneys to the Fund upon the sale or disposal of the residential property, the relevant amount as defined in regulation 26(5); or
(b)impose such other terms and conditions as the Board may think fit.
[S 512/2007 wef 01/10/2007]