Singapore legislation
Clause 53
Clause 53
Winding up provisions
(1)
Without prejudice to the provisions of the Companies Act (Cap. 185) —
a chit fund company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the petition of the Minister; and
the court may order the winding up of a chit fund company if —
that company has held a licence under this Act and that licence has expired or has been revoked;
that company has been declared insolvent;
that company has carried on chit fund business in Singapore in contravention of the provisions of this Act.
(2)
In the winding up of a chit fund company that has been carrying on chit fund business, every subscriber who has not purchased a chit fund amount shall be entitled to recover his contribution in the manner set out in subsection (2) of section 40 of this Act.