Clause 12

No chit fund company incorporated in Singapore shall be merged or consolidated with or be taken over by another company or companies or their subsidiaries or related companies as described in section 6 of the Companies Act (Cap. 185) (whether such company is or companies are incorporated in Singapore or outside Singapore) nor shall such company or companies acquire an interest exceeding twenty per cent of the voting share capital of a chit fund company without application to, and approval by, the Commissioner.

In considering such an application, the Commissioner shall have power to call for such information as he may require.

The Commissioner may —

Any chit fund company whose application has been refused by the Commissioner may within one month of being notified of the refusal by the Commissioner appeal against his refusal to the Minister whose decision thereon shall be final.