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Chit Funds Act, 1982 Chapter II

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

State: Central

Year: 1982

.....payment of fees or the filing of any statement or record required to be paid or filed under this Act or had violated any of the provisions of this Act or the rules made thereunder; or (c) had been convicted of any offence involving moral turpitude and sentenced to imprisonment for any such offence unless a period of five years has elapsed since his release: Provided that before refusing any such sanction, the foreman shall be given a reasonable opportunity of being heard. (4) The order of the State Government, and, subject to the provisions of sub­ section (5), the order of the officer empowered under sub-section (1), issuing or refusing previous sanction under this section shall be final. (5) Any person aggrieved by the refusal to issue previous sanction by any officer empowered under sub-section (1) may appeal to the State Government within thirty days of the date of communication to him of such refusal and the decision of that Government on such appeal shall be final. Section 5 - Prohibition of invitation for subscription except under certain conditions No person shall issue or cause to be issued any notice, circular, prospectus, proposal or other document.....

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

..... (a) that the security offered by the foreman under section 20 is insufficient; (b) that the foreman had been convicted of any offence under this Act or under any other Act regulating chit business and sentenced to imprisonment for any such offence; (c) that the foreman had defaulted in the payment of fees or the filing of any statement or record required to be paid or filed under this Act or had violated any of the provisions of this Act or the rules made thereunder; (d) that the foreman had been convicted of any offence involving moral turpitude and sentenced to imprisonment for any such offence unless a period of five years has elapsed since his release: Provided further that before refusing to register a chit under the first proviso, the foreman shall be given a reasonable opportunity of being heard. (3) Every endorsement made under sub-section (2) shall be conclusive evidence that the chit is duly registered under this Act and the registration of a chit shall lapse if the declaration by the foreman under sub-section (1) of section 9-is not filed within three months from the date of such endorsement or within such further period or periods not exceeding three months in.....

Maharashtra Chit Funds Act, 1974 Complete Act

State: Maharashtra

Year: 1974

.....may, by notification in the Official Gazette, appoint; and different dates may be appointed for different areas and for different provisions of this Act. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires, (1) "approved bank" means a Bank approved by the State Government for the purposes of this Act; (2) "bye laws" means byelaws relating to a chit and registered under this Act, and for the time being in force, and includes registered amendments of such byelaws ; (3) "chit" means a transaction, whether called chit fund, chitty, unit, bhishi or by any other name, by or under which the Foreman conducting the chit enters into an agreement with a specified number of subscribers that everyone of them shall subscribe a certain sum of money in periodical installments for a definite period, and that each subscriber in his turn, either determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement, be entitled to a prize amount, whether payable in cash, kind or any article of value or in such other manner as may be provided for in such agreement ; (4) "chit agreement" means a document containing the articles of agreement.....

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.