Singapore legislation
Regulation 4
of Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972
Regulation 4
Security not to be applied for other purposes
The security furnished under regulations 2 and 3 must not —
(a)
be liable to be attached in execution of a decree or otherwise; or
(b)
be alienated in any manner whatsoever and any such alienation by way of transfer or charge, mortgage or other encumbrance is void.