Clause 24

that the chit fund is to be for a specific amount and for a specified number of subscribers only;

that the subscribers are to contribute equal portions of the amount;

that the contribution of each subscriber is to be paid to the chit fund company in money in equal amounts of a specified value during a specified period;

that each contribution is to be payable on a date specified therefor or within such number of days of grace after that date as may be specified;

that on or after each date on which the contributions are payable, the chit fund amount is to be put up for sale by the chit fund company among the subscribers either by auction or by way of sealed tenders;

that each of the subscribers is to be entitled to purchase the chit fund amount once and not oftener during the period of that chit fund, and that no subscriber who has been declared the purchaser at any such sale is to be entitled or permitted to bid or tender at any subsequent sale;

that every bid or tender of a subscriber at a sale is to indicate the sum which he is willing to forego as interest for the privilege of obtaining the prize on that occasion;

that of the subscribers entitled to bid at any sale, the subscriber who offers the highest interest is to be declared the purchaser;

that the purchaser is to be entitled to receive the prize consisting of the chit fund amount less the interest offered by him, on producing guarantors to stand surety for the due payment of his future contributions in respect of that chit fund;

that the chit fund company is to deduct for commission and working expenses a specified sum or a sum bearing a specified proportion to the prize amount or to the chit fund amount;

that the interest is to be distributed in equal proportion among all the subscribers;

that a subscriber, who has not yet purchased a chit fund amount and who defaults in either the payment of a contribution or the production of guarantors shall be entitled to a refund of actual contributions already paid by him in accordance with subsection (2) of section 31 of this Act or subsection (1) of section 32 of this Act, as the case may be.

the full name and address of the chit fund company and of each of the subscribers;

the business address of the chit fund company or the exact location of the place where the records of the chit fund are to be kept and where its business is to be transacted;

the number of the subscriber’s identity card issued by the Government of Singapore or in the case of a subscriber who has not been issued with a Singapore identity card such other record of identification as may be prescribed; and

such other terms and conditions not inconsistent with this Act, or with the essential terms and conditions referred to in subsection (1) of this section, as are considered necessary for the better management and control of the chit fund.