Malaysia legislation
Section 8
Section 8
The principal Act is amended by inserting after Part Va the following part:
“Part Vb
ELECTION BY MEMBER OF THE FUND TO TRANSFER HIS
CONTRIBUTIONS
Transfer of employee’s contributions 53c.
The contributions of a member of the Fund affected by the transfer into the account of another member of the
Fund under this Part shall be the employee’s contributions of the first mentioned member of the Fund.
Election by member of the Fund to transfer his contributions 53d. (1) Notwithstanding section 51 and subject to the conditions and criteria as specified in the Eighth Schedule, a member of the Fund may elect to transfer his contributions at the rate specified in the Eighth Schedule into the account of another member of the Fund who is or are his lawful wife or wives.
(2)
A member of the Fund who elects to transfer his contributions shall make an application to the Board by submitting such particulars or documents, and in such manner, as determined by the Board.
(3)
After receiving an application under subsection (2), the Board shall transfer the contributions of the member of the Fund who elects to transfer his contributions into the account of another member of the Fund elected by him on a monthly basis or in accordance with such other period as determined by the Board subject to the availability of contributions in the account of the member of the Fund who makes the election.
Cessation of transfer of contributions 53e. (1) Upon the occurrence of any circumstances specified in the Eighth Schedule in relation to a transfer of contributions, a member of the Fund who has elected to transfer his contributions under section 53d may apply to the Board to cease the transfer.
(2)
An application for cessation of transfer of contributions under subsection (1) shall be made to the Board by submitting such particulars or documents, and in such manner, as determined by the Board.
(3)
After receiving an application under subsection (2), the Board shall cease the transfer of the contributions.
(4)
Any amount that has been transferred into the account of the member of the Fund who receives the contributions transferred before the date of cessation of transfer of the contributions shall be retained in the account of such member of the Fund.
Re-transfer of contributions 53f.
Where contributions under section 53d have been erroneously transferred, the Board may re-transfer the contributions, including any dividend, into the account of the member of the Fund who has elected to transfer the contributions, subject to the amount standing to the credit of the member of the Fund who has erroneously received the contributions transferred.”.
Employees Provident Fund (Amendment)
9
Amendment of section 55a