Singapore legislation
Clause 63
Clause 63
Firms or association that have been carrying on chit fund business
(1)
Notwithstanding section 4 of this Act, any firm, association or body of persons that has been carrying on chit fund business in Singapore before the 1st day of October 1971, may apply for and may be granted a licence if such firm, association or body of person, as the case may be, incorporates itself as a public company within three months of the date of the coming into operation of this Act.
(2)
A licence granted under subsection (1) of this section shall be valid for such period as the Commissioner may decide and be subject to such conditions as the Commissioner may impose.