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 5 · Reserve Fund, Dividends, Balance Sheet, Information and Regulation of Business
45. Bad and doubtful debts
Feedback & supportEvery chit fund company must, before the profit and loss account and balance sheet are made out, take steps to ensure that all bad debts have been written off and make adequate provision for doubtful debts.
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;