Singapore legislation
Regulation 11
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 11
Saving and transitional provisions for amendment of Chit Funds Act
Subregulation 1
Despite section 460(a) of the Act, section 53(1) of the Chit Funds Act (Cap. 39) as in force immediately before 30 July 2020 continues to apply to or in relation to any chit fund company that is wound up pursuant to —
an order for winding up of the company made under section 216(2)(f) of the Companies Act before that date;
an application for winding up made under section 253 of the Companies Act before that date; or
a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date.
Subregulation 2
Despite section 460(b) of the Act, section 54(1) of the Chit Funds Act as in force immediately before 30 July 2020 continues to apply to or in relation to any chit fund company that is wound up pursuant to —
an order for winding up of the company made under section 216(2)(f) of the Companies Act before that date;
an application for winding up made under section 253 of the Companies Act before that date; or
a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date.