Singapore legislation
Clause 10
Clause 10
Restriction of opening of branches of chit fund companies
(1)
No chit fund company shall open a new place of business or change the location of an existing place of business in Singapore without submitting a written application in respect thereof to the Commissioner.
(2)
Upon receipt of an application under subsection (1) of this section, the Commissioner may —
give his approval; or
without assigning any reason therefor, refuse to give his approval,and his decision thereon shall be final.
(3)
No chit fund company incorporated in Singapore shall open a new branch, agency or office in any place outside Singapore.
(4)
Any chit fund company which contravenes the provisions of subsection (1) or (3) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case of a continuing offence to a further fine of one hundred dollars for every day during which the offence continues after conviction.