Singapore legislation
Regulation 3
Regulation 3
Penalty of 12%
The chit fund company is entitled to deduct as a penalty an amount not exceeding 12% of the total aggregate of the earlier contributions paid by the defaulting subscriber.
Singapore legislation
Penalty of 12%
The chit fund company is entitled to deduct as a penalty an amount not exceeding 12% of the total aggregate of the earlier contributions paid by the defaulting subscriber.