Reserved amount to be set aside in certain circumstances
3.—(1)  The reserved amount to be set aside in a member’s ordinary account for the purposes of section 15(6)(c) or 15AA(5)(b) of the Act or a former provision at the relevant time shall, if any circumstances set out in the first column of the Schedule apply to the member at that time, be the total of the amounts specified in the second column of the Schedule corresponding to each of the applicable circumstances.
[S 126/2022 wef 01/03/2022]
(2)  Notwithstanding paragraph (1), where the circumstances set out in both items 1 and 2 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 2 of the Schedule shall not exceed the total of the following amounts:
(a)the amount of the cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be;
[S 727/2016 wef 01/01/2017]
[S 1024/2021 wef 01/01/2022]
(b)any interest which the member is liable to pay to the Government under the terms of the cash grant or specified payment, as the case may be.
[S 727/2016 wef 01/01/2017]
[S 1024/2021 wef 01/01/2022]
(2A)  Despite paragraph (1), where the circumstances set out in both items 1 and 2A of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 2A of the Schedule must not exceed the amount of cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be.
[S 727/2016 wef 01/01/2017]
[S 1024/2021 wef 01/01/2022]
(3)  Notwithstanding paragraph (1), where the circumstances set out in any 2 or more of items 3, 4 and 5 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 3, 4 and 5 of the Schedule shall not exceed the total of the following amounts:
(a)the amount of the loan paid into the member’s ordinary account under section 14A(2) of the Act; and
(b)any interest or other charges which the member is liable to pay to the Government under the terms and conditions of the loan.
(4)  Where the Board has determined that the whole or any part of any amount set aside under this regulation is no longer required for the purpose for which it was set aside, that whole or part of the amount set aside shall immediately cease to be set aside as a reserved amount.
(5)  In this regulation, “former provision” means section 15(2A)(c), (7B)(c) or (8A)(c) of the Act as in force before 1 March 2022.
[S 126/2022 wef 01/03/2022]