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Order of court for transfer or sale of immovable property in relation to which charge has been created under section 15(9) or (9A)

Central Provident Fund Act 1953

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where —(a)a member of the Fund has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, or has surrendered his or her approved annuity, under section 15(9) or (9A);(b)a charge has been created under section 15(9) or (9A) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the member’s retirement sum;(c)an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property to his or her spouse; and(d)the spouse is a citizen or permanent resident of Singapore,then, subject to any regulations made under section 77(1), the following provisions apply:(e)if the order of court requires any person to pay to the Board any amount towards covering the deficiency in the member’s retirement sum, that person must pay to the Board that amount;(f)the member must pay to the Board a further amount sufficient to cover the deficiency in the member’s retirement sum, unless the amount paid under paragraph (e) (if any) is sufficient to cover that deficiency;(g)if the immovable property is subsequently sold or otherwise disposed of, the spouse must pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board must credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse;(h)despite section 15(15)(e), upon the transfer of the member’s estate or interest in the immovable property to the spouse, and upon payment in accordance with paragraph (e), if applicable —(i)the charge referred to in paragraph (b) ceases to secure the payment to the Board of the member’s retirement sum; and(ii)the member, the spouse or any other person having an interest in the immovable property is entitled to have that charge cancelled, insofar as it secures the payment to the Board of the member’s retirement sum;(i)upon the transfer of the member’s estate or interest in the immovable property to the spouse —(i)in any case where the transfer occurs before 1 January 2013, there is a charge on the spouse’s estate or interest in the immovable property to secure the payment referred to in paragraph (g); and(ii)in any case where the transfer occurs on or after 1 January 2013, a charge is constituted on the immovable property to secure the payment referred to in paragraph (g);(j)sections 15(15)(b) to (e) and 21(12) apply, with the necessary modifications, to the charge under paragraph (i)(i), and for the purposes of such application —(i)any reference to the charge under section 15(9) or (9A) is to be read as a reference to the charge under paragraph (i)(i); and(ii)any reference to the member is to be read as a reference to the spouse; (k)sections 15(11F)(b) to (e) and 21(12) apply, with the necessary modifications, to the charge under paragraph (i)(ii), and for the purposes of such application —(i)any reference to the charge under section 15(11D) or (11E) is to be read as a reference to the charge under paragraph (i)(ii); and(ii)any reference to the member is to be read as a reference to the spouse; and(l)the charge under paragraph (i)(i) or (ii) —(i)is subject to all prior statutory rights and charges of any public authority over the immovable property; and(ii)despite anything in the Land Titles Act 1993 or the Registration of Deeds Act 1988 —(A)is not subject to any encumbrance registered or notified on or after the date of the notification of the charge referred to in paragraph (b); and(B)ranks equally with the charge referred to in paragraph (b), had it continued or if it continues to be in force, in the order of priority of interests in the immovable property.(2) Except in a case to which subsection (1) applies, where —(a)a member of the Fund has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, or has surrendered his or her approved annuity, under section 15(9) or (9A);(b)a charge has been created under section 15(9) or (9A) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the member’s retirement sum; and(c)an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property to any person,the charge continues in force until —(d)an amount sufficient to cover the deficiency in the member’s retirement sum —(i)has been paid to the Board; or(ii)is no longer required by any regulations made under section 77(1) to be paid to the Board; or(e)the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph,in which event the member, the person referred to in paragraph (c) or any other person having an interest in the immovable property is entitled to have the charge cancelled.

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