s 43 Limits on lending powers of chit fund company
43.—(1) A chit fund company must not lend to any person other than to a subscriber who has not purchased the chit fund amount. (2) A chit fund company may lend to a subscriber who has not purchased the chit fund amount but the amount so lent must not exceed 75% of the aggregate contributions already paid by that subscriber or any other percentage that may be specified in regulations made under this Act. (3) A chit fund company that lends to a subscriber under subsection (2) is not to be deemed to be a moneylender under the Moneylenders Act 2008 and that Act does not accordingly apply to any transaction under this section.