Comparison View

Formal Consolidation |  2006 RevEd
Restriction on withdrawal
4.—(1)  A member shall not be entitled to withdraw any money under these Regulations for the payment of the purchase price or part thereof of a residential property or the repayment of any housing loan or part thereof unless he has acquired or will acquire with respect to the residential property —
(a)an estate in fee simple or perpetuity; or
(b)a leasehold estate having an unexpired term of at least 60 years at the date of his application for the withdrawal of money under these Regulations.
(2)  Notwithstanding paragraph (1)(b), the Board may, in its discretion and subject to such terms and conditions as it may impose, authorise the withdrawal of money under these Regulations for the payment of the purchase price or part thereof of a residential property or the repayment of any housing loan or part thereof where the member has acquired or will acquire, with respect to the residential property, a leasehold estate having an unexpired term of less than 60 years at the date of his application for the withdrawal of money under these Regulations provided that the unexpired term is not less than 30 years.
Informal Consolidation | Amended S 385/2013
Restriction on withdrawal
4.—(1)  Notwithstanding anything in these Regulations but subject to paragraph (2) and such terms and conditions as the Board may impose, a member shall not be entitled to withdraw any money for any purpose permitted under these Regulations in respect of a residential property unless he has acquired or is about to acquire with respect to the residential property —
(a)an estate in fee simple or perpetuity; or
(b)a leasehold estate having an unexpired term of at least 30 years as at the specified date.
(2)  The Board may in its discretion authorise, subject to such terms and conditions as it may impose, the withdrawal of money by the member for any purpose permitted under these Regulations in respect of a residential property notwithstanding that the member does not satisfy the requirement in paragraph (1)(a) or (b).
(3)  In this regulation —
“date of the inheritance”, in relation to any residential property inherited by a member, means the date on which the legal title to the property is transferred under intestacy law or a deceased person’s will to the member;
“specified date”, in relation to any residential property, means —
(a)the date of the signing of the sale and purchase agreement for the purchase or acquisition of the residential property; or
(b)the date of the inheritance of the residential property.
[S 385/2013 wef 01/07/2013]