Chit Funds Act 1971 · 2020 Revised Edition · Part 3 · Licensing of Chit Fund Companies
15. Effect of revocation of licence
Feedback & supportWhere an order of revocation becomes effective under section 14 —
notice of the revocation must be published in the Gazette; and
the chit fund company must, as from the date of the notice, cease to transact any chit fund business in Singapore except as may be approved by the Authority for the purpose of winding up its chit fund business.
Subsection (1)(b) does not prejudice the enforcement by any person of any right or claim against the chit fund company or by the chit fund company of any right or claim against any person.
chit fund company
“chit fund company” means a company which carries on chit fund business and holds a valid licence granted under section 7. All branches and offices in Singapore of the company are deemed to be one chit fund company for the purposes of this Act;