Singapore legislation
Section 10
Section 10
Restriction of opening of branches of chit fund companies
(1)
A chit fund company must not open a new place of business or change the location of an existing place of business in Singapore without submitting a written application in respect thereof to the Authority.
(2)
Upon receipt of an application under subsection (1), the Authority may —
give its approval; or
without assigning any reason, refuse to give its approval,and its decision is final.
(3)
A chit fund company incorporated in Singapore must not open a new branch, agency or office in any place outside Singapore.
(4)
Any chit fund company which contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 and, in the case of a continuing offence, to a further fine of $100 for every day during which the offence continues after conviction.