Section 12

No chit fund company incorporated in Singapore may be merged or consolidated with or be taken over by another company or companies or their subsidiaries or related companies as described in section 6 of the Companies Act 1967 (whether that company is or those companies are incorporated in Singapore or outside Singapore) nor may any such company or companies acquire an interest exceeding 20% of the voting share capital of a chit fund company without application to, and approval by, the Authority.

In considering the application, the Authority has power to call for any information that it requires.

The Authority may —

Any chit fund company whose application has been refused by the Authority may within one month of being notified of the refusal by the Authority appeal against its refusal to the Minister whose decision is final.