Chit Funds Act |
Chit Funds (Payment to Successful Subscriber) Regulations |
Rg 4 |
G.N. No. S 76/1972 |
REVISED EDITION 1990 |
(25th March 1992) |
[10th March 1972] |
Citation |
1. These Regulations may be cited as the Chit Funds (Payment to Successful Subscriber) Regulations. |
Definition |
2. In these Regulations, “successful subscriber” means a subscriber who has been declared the purchaser of a chit fund amount and who has furnished at least two guarantors acceptable to the chit fund company. |
Chit fund amount to be paid within 7 days |
3. A successful subscriber shall be entitled to receive the chit fund amount within 7 days from the date of being declared the purchaser of the chit fund amount. |