Section 35

Any subscriber who has not purchased a chit fund amount may make over his or her rights in the chit fund by a transfer in writing to any person approved by the chit fund company.

Notice of every transfer made under subsection (1) must be given forthwith to the chit fund company in writing, signed by the transferor and the transferee.

On receipt of the notice of any transfer made under subsection (1), the chit fund company must make the appropriate entries in the register of subscribers kept under section 37.

Where the transfer of the rights of any subscriber under subsection (1) is proved to have been made to any person who was insolvent at the time of the transfer or to have been made with the intention of defeating the provisions of any written law in force in Singapore, the transfer is not to be deemed to operate as a discharge to that subscriber from his or her duties and liabilities under the terms and conditions of the agreement.

Despite anything in any other written law to the contrary, the stamp duty payable on any transfer under this section must be in accordance with the provisions of the Stamp Duties Act 1929.