Use of money paid to special account upon compulsory acquisition of immovable property
8A.—(1)  This regulation applies in respect of a member where —
(a)the member has withdrawn any part of the amount standing to his credit in his special account under the relevant regulations in respect of an immovable property (referred to in this regulation as the original property);
(b)the original property is compulsorily acquired under the Land Acquisition Act 1966, and an amount is paid to the member’s special account in accordance with the relevant regulations;
[S 270/2024 wef 31/12/2021]
(c)the member enters into an agreement to purchase or acquire a residential property (referred to in this regulation as the replacement property), or the purchase or acquisition of the replacement property is completed, after a notification under section 5 of the Land Acquisition Act 1966 is published in respect of the original property; and
[S 270/2024 wef 31/12/2021]
(d)the replacement property, the purchase or acquisition thereof, and the agreement referred to in sub-paragraph (c) satisfy such criteria as the Board may impose in any particular case.
(2)  Where this regulation applies in respect of a member, the Board, with the approval of the Minister, may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the withdrawal by the member of an amount (not exceeding the quantum of the relevant amount) standing to the member’s credit in the member’s special account for the payment of all or any of the following:
(a)the purchase price (or any part thereof) for the replacement property;
(b)any costs, fees, stamp duties or other incidental expenses for, or in connection with, the purchase or acquisition of the replacement property.
(3)  In this regulation —
“relevant amount” means the amount referred to in paragraph (1)(b) that is paid to the member’s special account;
“relevant regulations” means such of the following regulations as may be applicable in any particular case:
(a)these Regulations;
(b)the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations (Rg 14);
(c)the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4);
(d)the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13).
[S 691/2012 wef 01/01/2013]