Chit Funds Act 1971 · 2020 Revised Edition · Part 7 · Miscellaneous Provisions
53. Winding up provisions
Feedback & supportLast amended by an amending law of 2018.
Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 —
a chit fund company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the application of the Minister; and
the court may order the winding up of a chit fund company if that company —
has held a licence under this Act and that licence has expired or has been revoked;
has been declared insolvent; or
has carried on chit fund business in Singapore in contravention of the provisions of this Act.
In the winding up of a chit fund company that has been carrying on chit fund business, every subscriber who has not purchased a chit fund amount is entitled to recover that subscriber’s contribution in the manner set out in section 40(2).
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;