Singapore legislation
Clause 42
Clause 42
Financial limits to be observed by chit funds
(1)
The total value of the chit fund to be conducted at any one time by a chit fund company shall be as prescribed by regulations made under this Act.
(2)
For the purposes of this section, the “total value of the chit funds” means the aggregate of the chit fund amounts that are to be collected and put up for sale during the period of that chit fund.