Singapore legislation
Clause 19
Clause 19
When scheme or arrangement deemed to be a chit fund
Any scheme or arrangement which is based wholly on the essential terms and conditions set out in section 24 of this Act or has all the attributes and incidents of a chit fund within the scope and intent of that section shall, notwithstanding that it is called by any other name, be deemed to be a chit fund for the purposes of this Act.