8
SATURDAY, FEBRUARY 13, 1988
GOVT: DON'T TAKE PART IN ILLEGAL CHIT-FUNDS
THE GOVERNMENT TODAY (SATURDAY) REMINDED THE PUBLIC THAT THEY SHOULD REFRAIN FROM PARTICIPATING IN ILLEGAL CHIT-FUNDS.
"THERE APPEARS TO BE AN INCREASE IN THE NUMBER OF APPLICATIONS RECENTLY TO THE LEGAL AID DEPARTMENT TO RECOVER MONIES PAID то ILLEGAL CHIT-FUND OPERATORS, A GOVERNMENT SPOKESMAN SAID.
"I
THE SPOKESMAN SAID THE OPERATION OF COMMERCIAL CHIT-FUND COMPANIES HAD BEEN BANNED BY THE ENACTMENT OF THE CHIT-FUND BUSINESS (PROHIBITION) ORDINANCE IN 1972. PRIVATE CHIT-FUNDS ARE HOWEVER ALLOWED TO BE LAWFULLY OPERATED, BUT THEY MUST MEET THE FOLLOWING CONDITIONS:
(I)
THERE ARE NOT MORE THAN 30 PARTICIPANTS;
(II)
THE OPERATOR IS NOT AT THE SAME TIME OPERATING ANOTHER CHIT-FUND;
(III)
THE COMMON FUND PUT UP FOR SALE OR PAYMENT TO THE PARTICIPANTS DOES NOT EXCEED $20,000; AND
(IV)
NO BENEFIT ACCRUES TO THE OPERATOR OTHER THAN A RIGHT TO RECEIVE THE FIRST SUBSCRIPTION FREE OF INTEREST.
THE SPOKESMAN ALSO REMINDED THE PUBLIC THAT THERE ARE PENALTY PROVISIONS FOR BREACHING THE ABOVE CONDITIONS. FINES FOR CERTAIN OFFENCES RELATED TO ILLEGAL CRIT-FUNDS HAVE BEEN RAISED ΤΟ $20,000 SINCE THE ENACTMENT OF
CHIT-FUND (PROHIBITION) (AMENDMENT) ORDINANCE IN DECEMBER 1985.
THE
BUSINES8
"THE GOVERNMENT WILL TAKE ENFORCEMENT ACTION AGAINST ILLEGAL CHIT-FUND OPERATORS,** THE SPOKESMAN STRESSED.
FORUMS FOR WONG TAI SIN DB CANDIDATES
*
DISTRICT FROM A SERIES OF FORUMS WILL BE HELD IN WONG TAI SIN
(FEBRUARY 15) SO THAT MONDAY
CANDIDATES IN THE DISTRICT BOARD ELECTIONS CAN MEET RESIDENTS AND EXPLAIN THEIR PLATFORMS.
TO ADD
ΤΟ THE ATMOSPHERE,
SINGERS WILL GIVE PERFORMANCES SPEECHES AND ANSWER QUESTIONS.
BEFORE THE CANDIDATES DELIVER THEIR RESIDENTS ARE WELCOME TO ATTEND THE FORUMS AND TO ASK QUESTIONS.
THE 11