s 53 Winding up provisions
53.—(1) Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 —(a) a chit fund company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the application of the Minister; and (b) the court may order the winding up of a chit fund company if that company —(i) has held a licence under this Act and that licence has expired or has been revoked; (ii) has been declared insolvent; or (iii) has carried on chit fund business in Singapore in contravention of the provisions of this Act. [40/2018] (2) In the winding up of a chit fund company that has been carrying on chit fund business, every subscriber who has not purchased a chit fund amount is entitled to recover that subscriber’s contribution in the manner set out in section 40(2).