Chit Funds Act 1971 · 2020 Revised Edition · Part 4 · Chit Funds — General Provisions
36. Transfer of right of chit fund company to recover contributions to be voidable
Feedback & supportAny transfer made by the chit fund company of its right to recover the contributions payable by subscribers, who have purchased chit fund amounts, does not defeat or delay the rights of any subscriber who has not purchased a chit fund amount and is voidable at the instance of the subscriber if the transfer is likely to defeat or delay the rights of that subscriber under the terms and conditions of the agreement.
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;