30. Production of guarantors by purchaser of chit fund amount

Terms defined in 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;

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• chit fund amount

  chit fund amount

  Defined · s 2

  “chit fund amount” means the pool or the aggregate of the contributions payable on any specified day or in respect of any specified interval;

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• 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;

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• prize amount

  prize amount

  Defined · s 2

  “prize” or “prize amount” means the difference between the chit fund amount and the interest;

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• 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.

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