Clause 4

No chit fund business shall be transacted in Singapore except by a public company which is in possession of a valid licence granted under this Act by the Commissioner with the approval of the Minister authorising it to conduct chit fund business in accordance with the provisions of this Act.

Any person who contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.