Chit Funds (Payment to Successful Subscriber) Regulations
Status:
Current version
as at 03 Mar 2021
as at 03 Mar 2021
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Chit Funds (Payment to Successful Subscriber) Regulations
Status:
Current version as at 03 Mar 2021
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| Chit Funds Act |
(Chapter 39, Section 61)
| 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. |