In force2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Chit Funds Act 1971 · 2020 Revised Edition · Part 4 · Chit Funds — General Provisions
19. When scheme or arrangement deemed to be chit fund
Feedback & supportAny scheme or arrangement which is based wholly on the essential terms and conditions set out in section 24 or has all the attributes and incidents of a chit fund within the scope and intent of that section is, even though it is called by any other name, deemed to be a chit fund for the purposes of this Act.
essential terms and conditions
Defined · s 2
“essential terms and conditions” means the terms and conditions specified in section 24;