Clause 13

Every chit fund company in Singapore shall, prior to the making of any amendment or alteration in its memorandum of association or articles of association, or other instrument under which it is incorporated, furnish to the Commissioner for his approval particulars in writing (verified by a statutory declaration made by a senior officer of the chit fund company) of such proposed amendment or alteration.

The Commissioner may thereupon —

If the Commissioner approves the proposed alteration with modification, the chit fund company shall adopt the proposed alteration as so modified or not proceed with the proposed alteration and if the Commissioner refuses to approve the proposed alteration he may request the chit fund company to withdraw the proposed alteration and the chit fund company shall comply with the Commissioner’s request.

Any chit fund company which fails to comply with the requirements of subsection (1) of this section or with any request by the Commissioner made under subsection (3) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding three hundred dollars for every day during which the default continues.