Singapore legislation

Section 37

of Chit Funds Act 1971

Section 37

Books to be kept by chit fund company

The chit fund company must keep and from day to day regularly post up the following books:

(a)

a register of subscribers containing —

(i)

the names and addresses of all subscribers with the respective dates on which the subscribers signed the agreement, and the date on which any subscriber ceased to be a subscriber by reason of a transfer of rights or of a substitution in case of default;

(ii)

in the case of any transfer of rights by a subscriber, the name and address of the person to whom the rights are transferred with the date of the transfer and the date on which notice of the transfer is given to the chit fund company; and

(iii)

the name and address of any person substituted in place of a defaulting subscriber, with the date on which that person is so substituted;

(b)

the minute book required under section 27;

(c)

an account book containing separate accounts of —

(i)

the contributions paid by each subscriber and the respective dates of those payments;

(ii)

the prize amounts paid to purchasers of the chit fund amount and the respective dates of those payments;

(iii)

the amount of the commission or remuneration received by the chit fund company and the registration fees paid by it; and

(iv)

the amount of the rebate paid to each subscriber on each occasion and the date of the payment.