Chit Funds Act 1971 · 2020 Revised Edition · Part 4 · Chit Funds — General Provisions
27. Minutes of meeting
Feedback & supportThe chit fund company must enter in a book to be kept for that purpose the minutes of the proceedings of every meeting of the subscribers.
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;
The minutes must in every case contain the following particulars:
the place, date, time and duration of the meeting;
the names of the subscribers who were present; (c)the items of business transacted at the meeting,and in the case of a meeting at which a chit fund amount is auctioned, the following additional particulars:
the serial number of the auction;
the name of each bidder and the amount of each bid;
the name of the purchaser; (g)the amount of the interest.