Clause 35

Any subscriber who has not purchased a chit fund amount may make over his rights in the chit fund by a transfer in writing to any person approved by the chit fund company.

Notice of every transfer made under subsection (1) of this section shall be given forthwith to the chit fund company, in writing signed by the transferor and the transferee.

On receipt of the notice of any transfer made under subsection (1) of this section, the chit fund company shall make the appropriate entries in the register of subscribers kept under section 37 of this Act.

Where the transfer of the rights of any subscriber under subsection (1) of this section is proved to have been made to any person who was insolvent at the time of the transfer or to have been made with the intention of defeating the provisions of any written law in force in Singapore, the transfer shall not be deemed to operate as a discharge to that subscriber from his duties and liabilities under the terms and conditions of the agreement.

Notwithstanding anything contained in any other written law to the contrary, the stamp duty payable on any transfer under this section shall be in accordance with the provisions of the Stamp Act (Cap. 147).