Singapore legislation
Clause 15
Clause 15
Effect of revocation of licence
(1)
Where an order of revocation becomes effective under section 14 of this Act —
(a)
notice of such revocation shall be published in the Gazette; and
(b)
the chit fund company shall, as from the date of such notice, cease to transact any chit fund business in Singapore except as may be approved by the Commissioner for the purpose of winding up its chit fund business.
(2)
The provisions of paragraph (b) of subsection (1) of this section shall not prejudice the enforcement by any person of any right or claim against the chit fund company or by the chit fund company of any right or claim against any person.