2
4.
These legitimate private chit-funds have been relatively well regulated since the enactment of the
Ordinance. But in order to ensure the law remains
realistic and workable as it was when enacted, it is
proposed that the monetary limit on the common fund be increased in line with inflation, from $10,000 to $20,000. The other conditions remain unchanged.
5.
To simplify the procedure for amending the monetary limit in future, the Bill further provides that the limit can be changed by resolution of the Legislative
Council.
6.
The Bill also proposes to raise fines for certain offences under the principal Ordinance from $10,000 to $20,000. Finally provisions dealing with time-expired transitional arrangements will be repealed.
7.
adjourned.
Sir, I move that the debate on this motion be