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
46. Restriction on payment of dividends by chit fund companies
Feedback & supportA chit fund company must not pay any dividend on shares, until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling, commission, brokerage, amount of losses incurred and any item of expenditure not represented by tangible assets) has been completely written off.
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;