26.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —| (a) | has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to the member under section 14A of the Act in respect of the residential property and withdrawn by the member which have not been repaid); or | | (b) | is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, |
| to sell, transfer, assign or otherwise dispose of the residential property or any of the member’s estate or interest in the residential property to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part of the amount as the Board may determine. |
(2) Subject to paragraphs (3), (4) and (5), the member making the sale, transfer, assignment or disposal must pay to the member’s account in the Fund, in the manner determined by the Board, the lesser of the following amounts:| (a) | the net proceeds of the sale, transfer, assignment or disposal; | | (b) | such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts:| (i) | where paragraph (1)(a) applies to the member, all moneys withdrawn by the member under these Regulations in respect of the residential property (including any moneys lent to the member under section 14A of the Act in respect of the residential property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made; | | (ii) | where paragraph (1)(b) applies to the member, the relevant amount. |
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| (3) Subject to paragraphs (4) and (5), where the member sells, transfers, assigns or disposes of the residential property or the member’s estate or interest in the residential property to any person without consideration or for a consideration below the market value of the residential property or the member’s estate or interest in the residential property (as the case may be) the member must, unless the Board otherwise directs, pay to the member’s account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (2)(b). |
(4) Paragraphs (1), (2) and (3) do not apply —| (a) | where the member sells, transfers, assigns or disposes of only part (but not the whole) of the member’s estate or interest in the residential property; and | | (b) | to the reduction of the term of the lease of the residential property, being an HDB flat, pursuant to an agreement entered into between the member and the Housing and Development Board under the Lease Buyback Scheme. |
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(5) Despite paragraphs (2), (3) and (4), where the member transfers (other than by way of sale) the member’s estate or interest in the residential property to the member’s spouse pursuant to an order of court mentioned in section 27C (1)(c), 27DA(1)(c), 27DB(1)(c) or 27E(1)(c) of the Act —| (a) | in the case of an order of court mentioned in section 27C(1)(c) of the Act, the person mentioned in section 27C(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27C(1)(e) of the Act which the person may be required by the order of court to pay to the Board; | | (b) | in the case of an order of court mentioned in section 27DA(1)(c) of the Act, the person mentioned in section 27DA(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DA(1)(e) of the Act which the person may be required by the order of court to pay to the Board; | | (c) | in the case of an order of court mentioned in section 27DB(1)(c) of the Act, the person mentioned in section 27DB(2)(a) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DB(2)(a) of the Act which the person may be required by the order of court to pay to the Board; or | | (d) | in the case of an order of court mentioned in section 27E(1)(c) of the Act, the member or person mentioned in section 27E(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, such of the amounts mentioned in section 27E(1)(e)(i), (ii) or (iii) of the Act as may be applicable to the member or person. |
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(6) In this regulation —“net proceeds”, in relation to any residential property, or a member’s estate or interest in a residential property, which is sold, transferred, assigned or disposed of, means the excess (if any) of —| (a) | the consideration for the sale, transfer, assignment or disposal of the residential property, or of the member’s estate or interest in the residential property (as the case may be) or, if the Board so elects, the value of the residential property, or of the member’s estate or interest in the residential property (as the case may be) at the time of the sale, transfer, assignment or disposal as assessed by the Board; over | | (b) | the aggregate of the following amounts paid in the following order:| (i) | any amount outstanding under a housing loan for the purchase or acquisition of the residential property, or of the member’s estate or interest in the residential property (as the case may be) which is to be repaid in priority to the Fund pursuant to —| (A) | an agreement between the Board, the member and the mortgagee; or | | (B) | if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (R 1); |
| | (ii) | any amount which, under any written law, is to be paid to any other person in priority to the Fund, or such part of that amount as the Board determines to be attributable to the member’s estate or interest in the residential property, as the case may be; |
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“relevant amount” means —| (a) | in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess (if any) of —| (i) | the amount payment of which was secured by the charge on the residential property mentioned in section 27C(1)(b) of the Act; over | | (ii) | the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse of the member is required to set aside; |
| | (b) | in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess (if any) of —| (i) | the amount payment of which was secured by the charge constituted under section 15AB(10) or (11) of the Act or a former provision on the residential property; over | | (ii) | the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; |
| | (c) | in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess (if any) of —| (i) | the amount payment of which was secured by the charge constituted under section 15AB(13) of the Act or a former provision on the residential property; over | | (ii) | the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or |
| | (d) | in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess (if any) of —| (i) | the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part of the interest payable under the applicable paragraph as the Board may determine), if there was no order of court mentioned in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the residential property to the member; over | | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act; |
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| “spouse” includes a former spouse. |
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