Bare Act Search Results

Chit Funds Act, 1982 Chapter II

Title: Registration of Chits, Commencement and Conduct of Chit Business

State: Central

Year: 1982

.....foreman; (b) his methods of operation; (c) the interests of prospective subscribers; (d) the requirements as to security; and (e) such other factors as the circumstances of the case may require. (3) The amount of discount referred to in clause (f) of sub-section (1) shall not exceed1[forty per cent.] of the chit amount. (4) Where the prized subscriber at any instalment of the chit is required to be determined by auction and more than one person offer the maximum discount, the prized subscriber shall be determined by lot. ______________________ 1. Substituted for the words "thirty per cent" by The Chit Funds (Amdt.) Act, 2001. w.e.e. 01.10.2001 Section 7 - Filing of chit agreement (1) Every chit agreement shall be filed in duplicate by the foreman with Registrar. (2) The Registrar shall retain one copy of the chit agreement and return the duplicate to the foreman with an endorsement that the chit agreement has been registered: Provided that the Registrar may refuse to register the chit agreement on any one or more of the following grounds, namely: (a) that the security offered by the foreman under section 20 is insufficient; (b) that the foreman had.....

Chit Funds Act, 1982 Section 6

Title: Form of Chit Agreement

State: Central

Year: 1982

.....period of five years from the date of its commencement: Provided that the State Government may permit the duration of a chit up to a period af ten years if it is satisfied that it is necessary so to do, having regard to,- (a) the financial condition of the foreman; (b) his methods of operation; (c) the interests of prospective subscribers; (d) the requirements as to security; and (e) such other factors as the circumstances of the case may require. (3) The amount of discount referred to in clause (f) of sub-section (1) shall not exceed1[forty per cent.] of the chit amount. (4) Where the prized subscriber at any instalment of the chit is required to be determined by auction and more than one person offer the maximum discount, the prized subscriber shall be determined by lot. ______________________ 1. Substituted for the words "thirty per cent" by The Chit Funds (Amdt.) Act, 2001. w.e.e. 01.10.2001

Chit Funds Act, 1982 Section 13

Title: Aggregate Amount of Chits

State: Central

Year: 1982

.....at any time exceed ten times the net-owned funds of the company or the co-operative society, as the case may be. Explanation.-For the purposes of this sub-section, "net-owned funds" shall mean the aggregate of the paid-up capital and free reserves as disclosed in the last audited balance-sheet of the company or co-operative society, as reduced by the amount of accumulated balance of loss, deferred revenue, expenditure and other intangible assets, if any, as disclosed in the said balance-sheet. ______________________ 1. Substituted for the words "twenty five thousand" by The Chit Funds (Amdt.) Act, 2001.w.e.f. 01.10.2001 2. Substituted for the words "one lakh" by The Chit Funds (Amdt.) Act, 2001.w.e.f. 01.10.2001

Chit Funds Act, 1982 Amending Act 1

Title: Chit Funds (Amendment) Act, 2001

State: Central

Year: 1982

.....sub-section (2),-- (A) in clause (a), for the words "one lakh", the words "six lakhs" shall be substituted; (B) in clause (b), for the words "twenty-five thousand rupees", the words "rupees one lakh" shall be substituted. 4. Amendment of section 20 - In section 20 of the principal Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely: -- "(a) deposit in the name of the Registrar, an amount equal to,-- (i) fifty per cent, of the chit amount in cash in an approved bank; and (ii) fifty per cent, of the chit amount in the form of bank guarantee from an approved bank; or". _______________________________ 1. The said Act shall come into force in the following States and Union Territories w.e.f. 01.10.2001 vide Notification No. S.O. 980 (E) dated 01.10.2001: 1. Assam 2. Bihar 3. Goa 4. Himachal Pradesh 5. Karnataka 6. Madhya Pradesh 7. Manipur 8. Meghalaya 9. Orissa 10. Punjab 11. Rajasthan 12. Sikkim 13. Tamil Nadu 14. Tripura 15. Uttar Pradesh 16. West Bengal

Chit Funds Act, 1982 Section 9

Title: Commencement of Chit

State: Central

Year: 1982

(1) Every foreman shall, after all the tickets specified in the chit agreement are fully subscribed, file a declaration to that effect with the Registrar. (2) As soon as may be after a declaration is filed under sub-section (1), the Registrar shall, after satisfying himself that all the requirements relating to sanction, registration of chit and other matters have been duly complied with, grant a certificate of commencement to the foreman. (3) No foreman shall commence any auction or the draw of any chit or appropriate any chit amount unless a certificate of commencement referred to in sub-section (2) is obtained by him.

Chit Funds Act, 1982 Complete Act

State: Central

Year: 1982

.....the foreman; (b) his methods of operation; (c) the interest of prospective subscribers; (d) the requirement as to security; and (e) such other factors as the circumstances of the case may require. (3) The amount of discount referred to in clause (f) of sub-section (1) shall not exceed 2["forty per cent."]. of the chit amount. (4) Where the prized subscriber at any instalment of the chit is required to be determined by auction and more than one person offer the maximum discount, the prized subscriber shall be determined by lot. Clause 6.- While the various particulars which are required to be specified in every chit agreement and the other formalities to be complied with have been specified in sub-clause (1) of this clause, it has been provided in sub-clause (2) that the duration of a chit shall not extend beyond a period of five years from the date of its commencement. However, the State Government concerned has been empowered to permit the duration of a chit up to a period of ten years on the existence of certain conditions specified in that sub-clause. Sub-clause (3) provides that the amount of discount in any chit shall not exceed thirty per cent. of the chit amount.....

Maharashtra Chit Funds Act, 1974 Complete Act

State: Maharashtra

Year: 1974

.....termination of a chit, until the Foreman deposits the prize amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber. (4) The Registrar shall after the termination of a chit and after satisfying himself that the requirements under clauses (i), (ii) and (iii) of sub section (3) have been complied with, order the release of the cash security or the State Government securities referred to in subsection (1) in such manner as may be prescribed. (5) The Registrar may, on the application of any Foreman, instead of releasing the security under subsection (4), accept the same as security in respect of any other chit or chits conducted by the same Foreman. If the value or amount of the security so accepted is less than the value or amount specified in subsection (1), the Registrar shall require the Foreman to furnish additional security to make up the deficiency. (6) Notwithstanding anything to the contrary contained in any other law, the security furnished under this section shall not be dealt with by the Foreman during the currency of the chit to which it relates and any dealing by the Foreman with respect.....

Chit Funds Act, 1982 Chapter III

Title: Rights and Duties of Foreman

State: Central

Year: 1982

.....shall deposit the prize amount forthwith in a separate account in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit and the reasons therefor to the prized subscriber and the Registrar: Provided that where any prized subscriber does not collect the prize amount in respect of any instalment of a chit within a period of two months from the date of the draw, it shall be open to the foreman to hold another draw in respect of such instalment. (3) Every payment of the prize amount or the amount of future subscriptions under sub-section (1), and the deposit of the prize amount under sub-section (2), shall be intimated to the subscribers at the next succeeding draw and the particulars of such payment or deposit shall be entered in the minutes of the proceedings of that draw. (4) The foreman shall not appropriate to himself any amount in excess of what he is entitled to under clause (b) or clause (c) of sub-section (1) of section 21: Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with provisions of section 31: Provided.....

Chit Funds Act, 1982 Chapter X

Title: Winding Up of Chits

State: Central

Year: 1982

.....or (c) if he fails to deposit any amount required to be deposited under any of the provisions of this Act; or (d) if it is proved to the satisfaction of the Registrar that the foreman is unable to pay the amounts due to the subscribers; or (e) if the execution or other process issued on an order passed by the Registrar in favour of any subscriber in respect of amounts due to him from the foreman in relation to the chit business is returned unsatisfied in whole or in part; or (f) if it is proved that there has been a fraud or collusion on the part of the foreman in the matter of taking securities from any prized subscriber; or (g) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions; or (h) if the Registrar is satisfied that the affairs of the chit are being conducted in a manner prejudicial to the interests of the subscribers; or (i) if it is just and equitable that the chit should be wound up. Explanation.-For the purpose of clause (d), in determining whether the foreman is unable to pay the amount due to the subscribers, the Registrar shall, take into account his.....

Chit Funds Act, 1982 Chapter I

Title: Preliminary

State: Central

Year: 1982

.....Union territory appointed by the President under article 239 of the Constitution; (r) "subscriber" includes a person who holds a fraction of a ticket and also a transferee of a ticket or fraction thereof by assignment in writing or by operation of law; (s) "ticket", means the share of a subscriber in a chit. Section 3 - Act to override other laws, memorandum, articles, etc. Save as otherwise expressly provided in this Act, (a) the provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force or in the memorandum or articles of association or bye-laws or in any agreement or resolution whether the same be registered, executed or passed, as the case may be, before or after the commencement of this Act; and (b) any provision contained in the memorandum, articles, bye-laws, agreement or resolution aforesaid, shall, to the extent to which it is repugnant to the provisions of this Act, become null or be void, as the case may be.