Clause 62

Notwithstanding the provisions of section 4 of this Act, any public or private company which on the 1st day of October 1971, was carrying on chit fund business in Singapore may, within one month after the date of the coming into operation of this Act, apply for a licence and shall be granted a licence by the Commissioner which shall be valid up to and including the 30th day of June 1972.

Thereafter, such licence may be renewed for such further period, or periods, as the Commissioner may decide and be subject to such conditions as he may impose.

A private company which has been granted a licence under subsection (1) of this section shall not be entitled to claim to be an exempt private company under the Companies Act (Cap. 185).