Application for cancellation of charge on immovable property
29.—(1) For the purposes of sections 21(10A), 21A(9A) and 27E(2)(e) of the Act, where there is a charge under section 21(1) or 21A(1) of the Act, as the case may be, on a member’s estate or interest in an immovable property, the member may apply to the Board for the charge to be cancelled.
[S 270/2024 wef 31/12/2021]
(2) The Board may approve an application under paragraph (1) for the charge to be cancelled if the Board is satisfied that the member —
(a)
is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(a), (d), (e), (f) or (g), (3), (4), (7A) or (8) of the Act;
(b)
has complied with the requirements in section 15(2A), (6), (7B) or (8A) of the Act, as the case may be; and
(c)
has complied with such terms and conditions as the Board may impose.