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
29. Receipts for contributions paid and entry of payments in passbook
Feedback & support(1)
Every subscriber must receive a receipt issued by or on behalf of the chit fund company for each contribution paid by the subscriber.
subscriber
Defined · s 2
“subscriber” includes any person who has agreed to participate in a chit fund or has signed the agreement in token thereof.
(2)
Every subscriber must be issued with a passbook into which each payment made by the subscriber must be entered by the 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;