Act Text
Chapter4 - 31.
Section1 - Short title, extent and commencement.—
Section2 - Definitions.—In this Act, unless the context otherwise requires,—
Section3 - Subs. by s. 3, ibid., for “chit amount”
Section4 - Clause
Section5 - Clause
Section6 - Ins. by s. 2, ibid.,
Section7 - Filing of chit agreement.—
Section8 - Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.—
Section9 - Commencement of chit.—
Section10 - Copies of chit agreement to be given to subscribers.—
Section11 - Auction profit payable to non-prized
Section12 - Prohibition of transacting business other than chit business by a company.—
Section13 - Aggregate amount of chits.—
Section14 - Utilisation of funds.—
Section15 - Alteration of chit agreement.—A chit agreement shall not be altered, added to or cancelled except with the consent in
Section16 - Date, time and place of conducting chits.—
Section17 - Minutes of proceedings.—
Section18 - Copies of minutes to be filed with Registrar.—A true copy of the minutes of the proceedings of every draw certified as
Section19 - Restriction on opening of new place of business.—
Section20 - Security to be given by foreman.—
Section21 - Rights of foreman.—
Section22 - Duties of foreman.—
Section23 - Books, records, etc., to be kept by foreman.—The foreman shall maintain in his registered office, or, as the case may
Section24 - Balance sheet.—Without prejudice to the provisions of the Companies Act, 1956
Section25 - Liability of foreman to subscribers.—
Section26 - Withdrawal of foreman.—
Section27 - Non-prized subscribers to pay subscriptions and obtain receipts.—Every non-prized subscriber shall pay his subscription
Section28 - Removal of defaulting subscribers.—
Section29 - Substitution of subscribers.—
Section30 - Amounts due to defaulting subscribers.—
Section32 - Prized subscriber to pay subscriptions regularly.—Every prized subscriber shall pay his subscriptions regularly on the
Section33 - Foreman to demand future subscriptions by written notice.—A foreman shall not be entitled to claim a consolidated
Chapter6 - .
CHAPTER VI
Section34 - Restrictions on transfer of rights of foreman.—
Section35 - Transfer of non-prized subscriber’s rights to be in writing.—Every transfer by a non-prized subscriber of his rights in
Section36 - Recognition of transfer by foreman.—Every transfer under section 35 shall, within a period of fourteen days from the
Section37 - Entry of transferee’s name in the books.—Every transfer under section 34 or section 35 shall be entered by the foreman
Section38 - Meetings of general body of subscribers.—
Section39 - Provision for continuation of chits in certain cases.—
Section40 - Termination of chits.—A chit shall be deemed to have terminated,—
Section41 - (2) The withdrawal from a chit of any one of the foreman shall not affect the security given by him under section 20 or
Section42 - Refund of non-prized subscribers’ subscriptions.—Except in the cases referred to in clauses
Chapter9 - INSPECTION OF DOCUMENTS
Section44 - Foreman to allow certain subscribers to inspect chit records.—Every foreman shall, on payment of such fee not exceeding
Section45 - Preservation of chit records by foreman.—All the records pertaining to a chit shall be kept by the foreman for a period
Section46 - Inspection of chit books and records by Registrar.—
Section47 - Power of Reserve Bank to inspect chit books and records.—
Chapter10 - .
CHAPTER X
Section48 - Circumstances under which chits may be wound up.—A chit may be wound up by the Registrar within whose territorial
Section49 - Application for winding up.—An application for the winding up of a chit shall be made by a petition presented by any
Section50 - Bar to winding up proceedings.—Notwithstanding anything contained in sections 48 and 49, no petition for the winding up
Section51 - Commencement and effect of winding up order.—An order for the winding up of a chit shall operate in favour of all the
Section52 - Injunction order.—The Registrar may, on the application of the foreman or of any subscriber to whom amounts are due in
Section53 - Powers of Registrar.—The Registrar may, after hearing an application under this Chapter, dismiss it with or without
Section54 - Vesting of chit assets in Registrar or other persons.—On the making of an order for the winding up of a chit, all the
Section55 - Suits, etc., to be stayed on winding up order.—When a winding up order has been made or a receiver has been appointed,
Section57 - Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of
Section58 - Award of compensation to foreman.—
Section59 - Right to appeal.—The foreman or any subscriber or any other person aggrieved by a decision or order of the Registrar in
Section60 - Limitation.—
Chapter11 - .
CHAPTER XI
Section61 - Appointment of Registrar and other officers.—
Section62 - Inspection of documents in Registrar’s office.—The foreman of a chit or any subscriber in a chit or the heirs or legal
Section63 - Levy of fees.—
Chapter12 - .
CHAPTER XII
Section64 - Disputes relating to chit business.—
Section65 - Period of limitation.—
Section66 - Settlement of disputes.—
Section67 - Procedure for settlement of disputes and powers of Registrar or nominee.—
Section68 - Attachment before judgment and other interlocutory orders.—
Section69 - Decision of Registrar or nominee.—When a dispute is referred to arbitration under this Chapter, the Registrar or the
Section70 - Appeal against decision of Registrar or nominee.—Any party aggrieved by any order passed by the Registrar or the
Section71 - Money how recovered.—Every order passed by the Registrar or the nominee under section 68 or section 69 and every order
Chapter13 - MISCELLANEOUS
Section73 - Advisory role of Reserve Bank.—The Reserve Bank may tender to any State Government such advice on questions of policy
Section74 - Appeals.—
Section75 - Powers of Registrar to give extension of time for filing documents.—The Registrar may, in his discretion and upon an
Section76 - Penalties.—
Section77 - Penalty for second and subsequent convictions.—If any person convicted of an offence under sub-section
Section78 - Application of fine.—A court imposing any fine under this Act may direct that the whole or any part thereof shall be
Section79 - Offences by companies.—
Section80 - Cognizance of offences.—
Section81 - Power to compound offences.—
Section82 - Power to enter and search any place and to seize any documents.—
Section84 - Power to delegate.—The State Government may, by notification in the Official Gazette, direct that any power
Section85 - Act not to apply to certain chits.—Nothing in this Act shall apply in respect of—
Section86 - Banks not to conduct chit business.—
Section87 - Power to exempt.—The State Government may, in consultation with the Reserve Bank, by notification in the Official
Section88 - Protection of action taken under the Act.—No suit, prosecution or other legal proceeding shall lie against the State
Section89 - Power to make rules.—
Section90 - Repeal and saving.—
Part1 - —FORM OF BALANCE SHEET
Chapter5 - RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS
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