Regulation 1
Citation
These Regulations are the Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972.
/akn/sg/act/sub_leg/1971/CFA-RG1
Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1971
- Sections
- 4
Quick answer
About this subsidiary legislation
Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CFA-RG1 1971, currently marked in force and first recorded in 1971.
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.
Regulation 3
Deposit with bank
Immediately after the signing of the agreement by the last intending subscriber, the chit fund company must, as security for the due discharge of its duty and liability under the agreement, deposit cash to the value of the chit fund amount or securities guaranteed by the Government valued at the equivalent of the chit fund amount, in such bank as may be approved for that purpose by the Authority.
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.
Common questions
- What is Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972?
- Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CFA-RG1 1971, currently marked in force and first recorded in 1971.
- Is Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 still in force?
- Yes — Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 is currently in force.
- When did Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 take effect?
- Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 was first recorded in 1971.
- How many regulations does Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 have?
- Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 contains 4 regulations.
- Where can I read the official version of Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972?
- The official text of Chit Funds (Deposits of Percentage of Paid-up Capital and of Security) Regulations 1972 is published at sso.agc.gov.sg.