Suggest a correction

Payment of dividends, etc., in respect of certain shares after Board is notified of death of member

Central Provident Fund Act 1953

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where the Board has received any dividends, returned paid‑up share capital, proceeds of sale or other moneys in respect of any shares belonging to a deceased member (being such shares or class of shares in any approved corporation as the Minister may designate) after the Board has been notified, in such manner as may be prescribed by any regulations made under section 77(1) for the purposes of section 26C(1), of the death of the member, the Board is, despite any written or other law, entitled to pay the dividends, capital, proceeds or other moneys into the general moneys of the Fund.(2) Where any such dividends, returned paid-up share capital, proceeds of sale or other moneys have been paid into the general moneys of the Fund under subsection (1), the Board must, as soon as practicable and after such application as the Board may require has been made to the Board, pay out the dividends, capital, proceeds or other moneys from the general moneys of the Fund —(a)in any case where the member has executed a memorandum under section 25(1) and dies on or after 1 January 1996, in accordance with sections 20(1)(b) and (1A) and 25; or(b)in any other case —(i)to the personal representatives of the deceased member; or(ii)if to the best of the Board’s knowledge the deceased member does not have any personal representatives, and if the dividends, capital, proceeds or other moneys do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant.(3) The receipt of the personal representatives of the deceased member is a discharge to the Board for the dividends, returned paid‑up share capital, proceeds of sale or other moneys that are paid to the personal representatives under subsection (2)(b)(i).(4) The receipt of the proper claimant is a discharge to the Board for the dividends, returned paid‑up share capital, proceeds of sale or other moneys that are paid to the proper claimant under subsection (2)(b)(ii).(5) In this section —“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;“parent” includes an adoptive parent;“proper claimant” means a person who —(a)claims to be entitled to the dividends, returned paid‑up share capital, proceeds of sale or other moneys paid into the general moneys of the Fund under subsection (1) as executor of the deceased member; or(b)claims to be entitled to the dividends, returned paid‑up share capital, proceeds of sale or other moneys paid into the general moneys of the Fund under subsection (1) (whether for his or her own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased member.

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