Chit Funds Act 1971 · 2020 Revised Edition · Part 6 · Inspection of Chit Fund Companies
50. Powers of Authority to issue orders after inspection
Feedback & supportIf the Authority finds upon an inspection under section 49 that the affairs of a chit fund company are being conducted in a manner likely to be detrimental to the interests of the subscribers or prejudicial to the interests of the chit fund company, the Authority may by order require the chit fund company to take such corrective action as the Authority considers to be necessary or require the chit fund company to discontinue such practices or procedures.
No order may be issued under subsection (1) unless the chit fund company has been given a reasonable opportunity to present its views to the Authority.
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;
The Authority may, upon representation being made to it, or on its own motion, modify or cancel any order issued under subsection (1) and, in so modifying or cancelling any order, may impose any conditions it thinks fit.