Suggest a correction

Disposal of certain shares and dividends, etc., when member’s accounts in Fund deemed to be dormant

Central Provident Fund Act 1953

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) When a member’s accounts in the Fund are deemed to be dormant, such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time those accounts are deemed to be dormant which were purchased from moneys withdrawn under this Act, despite any written or other law, vest in the Board.(2) The Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if the 7th anniversary of the day the member’s accounts in the Fund are deemed to be dormant has passed.(3) Where the Board has sold, under subsection (2), any shares vested in the Board under subsection (1) —(a)the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; and(b)the Board must pay the proceeds of the sale of the shares (after making any deduction under paragraph (a)) into the general moneys of the Fund.(4) Where the Board has paid the proceeds of the sale of the shares into the general moneys of the Fund under subsection (3)(b), if the Board is satisfied that the member was still alive at the time the shares were sold under subsection (2), the Board must, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account those proceeds (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if those proceeds had been paid into the member’s ordinary account instead of the general moneys of the Fund).(5) Where the Board has received any dividends, returned paid‑up share capital or other moneys in respect of any shares vested in the Board under subsection (1), the Board must pay the dividends, capital or other moneys into the general moneys of the Fund.(6) Where the Board has paid into the general moneys of the Fund any dividends, returned paid‑up share capital or other moneys under subsection (5), if the Board is satisfied that the member was still alive at the time of the payment, the Board must, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account the dividends, capital or other moneys (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the dividends, capital or other moneys had been paid into the member’s ordinary account instead of the general moneys of the Fund).(7) The transfer of the proceeds of the sale of the shares in accordance with subsection (4), and the transfer of the dividends, returned paid‑up share capital or other moneys in accordance with subsection (6), is a discharge to the Board in respect of the shares vested in the Board under subsection (1).

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