Singapore legislation
Regulation 2
of Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972
Regulation 2
Deposit with Monetary Authority of Singapore
A chit fund company must at all times have in respect of its business a deposit in cash with the Monetary Authority of Singapore constituted under the Monetary Authority of Singapore Act 1970 to the value of not less than 50% of the paid-up capital of that company and such deposit must be retained by the Authority until the company ceases to hold a licence under the Act.