Use of money in special account for payment of improvement contribution in respect of upgrading works
8.—(1)  Where a member, as owner of a residential property, is liable to pay 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), or the monthly improvement contributions due to a Town Council in respect of lift upgrading works carried out in relation to the residential property under Part IVA of the Town Councils Act (Cap. 329A) —
(a)if the liability to pay arises on or after 1st March 1999, the Board, with the approval of the Minister, may —
(i)on the application of the member or if it considers necessary; and
(ii)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authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him for the payment of such monthly improvement contributions; and
(b)if the liability to pay arises on or after 1st July 2006, the Board may —
(i)on the application of the member; and
(ii)subject to such terms and conditions as it may impose,
authorise the whole or part of any amount standing to the credit of the member in his special account which had been transferred from his medisave account under section 13(6) of the Act to be withdrawn by him for the payment of such monthly improvement contributions.
(2)  All moneys withdrawn from the Fund under paragraph (1) shall be paid by the Board —
(a)in the case of monthly improvement contributions in respect of upgrading works carried out on the residential property under Part IVA of the Housing and Development Act (Cap. 129), to the Housing and Development Board; and
(b)in the case of monthly improvement contributions in respect of lift upgrading works carried out in relation to the residential property under Part IVA of the Town Councils Act (Cap. 329A), to the relevant Town Council,
or to such other person as the Board considers fit to receive the moneys.
(3)  The total amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly improvement contributions shall be determined by the Board.