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kootu fund "kootu fund" has the same meaning as is assigned to that expression in the Kootu Funds (Prohibition) Act, 1971.
ACT 142 - KOOTU FUNDS (VALIDATION) ACT 1974
2. Interpretation. |
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kootu fund "kootu fund" means a scheme or arrangement variously known as a kootu, cheetu, chit fund, hwei, tontine or otherwise whereby the participants subscribe periodically or otherwise to a common fund and such common fund is put up for sale or payment to the participants by auction, tender, bid, ballot or otherwise and includes any scheme or arrangement which with variations partakes of the nature of a kootu, cheetu, chit fund, hwei or tontine;
ACT 28 - KOOTU FUNDS (PROHIBITION) ACT 1971
2. Interpretation. |