Section 13

Every chit fund company in Singapore must, prior to the making of any amendment or alteration in its memorandum of association or articles of association, or other instrument under which it is incorporated, furnish to the Authority for its approval particulars in writing (verified by a statutory declaration made by a senior officer of the chit fund company) of the proposed amendment or alteration.

The Authority may thereupon —

If the Authority approves the proposed alteration with modification, the chit fund company must adopt the proposed alteration as so modified or not proceed with the proposed alteration, and if the Authority refuses to approve the proposed alteration, it may request the chit fund company to withdraw the proposed alteration and the chit fund company must comply with the Authority’s request.

Any chit fund company which fails to comply with the requirements of subsection (1) or with any request by the Authority made under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $300 for every day during which the default continues after conviction.