Singapore legislation
Section 7
Section 7
Application for licence
(1)
A public company which desires authority to carry on chit fund business in Singapore must apply in writing to the Authority for a licence under this section and must supply —
a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
a copy of the latest balance sheet of the company; and
any other information that may be called for by the Authority.
(2)
In considering any application by a public company for a licence, the Authority may require to be satisfied as to —
the financial character of the company;
the character of the management of the company;
the adequacy of the capital structure of the company and earning prospects of the company;
the objects of the company as disclosed in its memorandum of association;
the convenience and needs of the community to be served; and
whether the public interest will be served by the granting of a licence.
(3)
The Authority may, with the approval of the Minister, grant a licence, with or without conditions, or refuse to grant a licence.
(4)
The Authority may at any time vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.
(5)
Where a licence is subject to conditions, the chit fund company must comply with those conditions.
(6)
Any chit fund company which fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.