23. Formation of chit funds

Terms defined in s 2

• agreement

  agreement

  Defined · s 2

  “agreement” means the document which contains the terms and conditions agreed to and adopted by the subscribers and the chit fund company;

  Open s 2
• chit fund

  chit fund

  Defined · s 2

  “chit fund” means a scheme or an arrangement based wholly on the terms and conditions set out in section 24 or the regulations made under this Act or any scheme or arrangement that is deemed to be a chit fund under section 19 but does not include any scheme or arrangement which only partakes of the nature of a chit fund within the meaning of section 20;

  Open s 2
• chit fund company

  chit fund company

  Defined · s 2

  “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;

  Open s 2