Clause 5

No person or body of persons, whether incorporated or not, other than a chit fund company licensed under this Act shall, without the written consent of the Commissioner, use the word “chit” or the words “chit fund” or any of its or their derivatives in any language, or any other word indicating it transacts chit fund business, in the name, description or title under which such person or body of persons is transacting business in Singapore or make or continue to make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner whatsoever.

For the purposes of subsection (1) of this section the words “HWEI”, “KUTU” and “TONTINE” or any other word in any other language having the same meaning or being to the like intent shall be deemed to be derivatives of the word “chit”.

Nothing in this section shall prohibit an association of chit fund companies formed for the protection of common interests from using the word “chit” or the words “chit fund” or any of its or their derivatives in any language as a part of its name or description of its activities.

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 one year or to a fine not exceeding one thousand dollars or to both such imprisonment and fine and in the case of a continuing offence to a further fine not exceeding one hundred dollars for every day during which the offence continues after conviction.