Chit Funds (Payment to Successful Subscriber) Regulations 1972

Chit Funds Act 1971

(Section 61)

Chit Funds (Payment to Successful
Subscriber) Regulations 1972

2024 REVISED EDITION

(18 December 2024)

[10 March 1972]

Citation

1.  These Regulations are the Chit Funds (Payment to Successful Subscriber) Regulations 1972.

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 2 guarantors acceptable to the chit fund company.

Chit fund amount to be paid within 7 days

3.  A successful subscriber is entitled to receive the chit fund amount within 7 days from the date of being declared the purchaser of the chit fund amount.