Chit Funds Act 1971 · 2020 Revised Edition · Part 7 · Miscellaneous Provisions
60. Holding out as chit fund company
Feedback & supportWhere any public or private company or firm holds itself out to be a licensed chit fund company when it is not licensed under this Act, the company or firm shall be guilty of an offence, and every director, manager or every officer of the company or the proprietor, partner or officer of the firm shall, unless he or she proves that such holding out by the company or firm was made without his or her knowledge or consent, be guilty of an offence and shall be liable on conviction to a fine not exceeding $4,000 or to imprisonment for a term not exceeding 2 years or to both.
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;