Bare Act Search Results

Chit Funds Act, 1982 Section 30

Title: Amounts Due to Defaulting Subscribers

State: Central

Year: 1982

.....before the date of the next succeeding instalment, in a separate identifiable account in an approved bank mentioned in the chit agreement, an amount equal to the contributions made by the defaulting subscriber less such deductions as may be provided for in the chit agreement, and shall inform the defaulting subscriber as well as the Registrar of the fact of such deposit and shall not withdraw the amount so deposited except for payment to the defaulting subscriber. (2) The amount so deposited under sub-section (1) shall be paid to the defaulting subscriber as and when he claims the amount and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for such payment. (3) The contributions of any defaulting subscriber who has not been substituted till the termination of the chit shall be paid to him within fifteen days from the date of termination of the chit subject to such deductions as may be provided for in the chit agreement.

Chit Funds Act, 1982 Section 28

Title: Removal of Defaulting Subscribers

State: Central

Year: 1982

(1) A non-prized subscriber who defaults in payment his subscription in accordance with the terms of the chit agreement shall be liable to have his name removed from the list of subscribers and a written notice of such removal shall be given by the foreman to the defaulting subscriber within fourteen days of the date of such removal: Provided that if the defaulter pays the defaulted instalment with interest at such rate as may be prescribed within seven days of the date of receipt of such notice, his name shall be re-entered in the list of such subscribers. (2) Every such removal under sub-section (1), shall, with the date thereof, be entered in the relevant book maintained by the foreman. (3) A true copy of the entry referred to in sub-section (2) shall be filed by the foreman with the Registrar within fourteen days from the date of removal. (4) Any defaulting subscriber aggrieved by the removal of his name from the list of subscribers may, within seven days of the date of receipt of the notice of removal refer the matter to the Registrar for arbitration under section 64.

Chit Funds Act, 1982 Chapter IV

Title: Rights and Duties of Non-prized Subscribers

State: Central

Year: 1982

.....before the date of the next succeeding instalment, in a separate identifiable account in an approved bank mentioned in the chit agreement, an amount equal to the contributions made by the defaulting subscriber less such deductions as may be provided for in the chit agreement, and shall inform the defaulting subscriber as well as the Registrar of the fact of such deposit and shall not withdraw the amount so deposited except for payment to the defaulting subscriber. (2) The amount so deposited under sub-section (1) shall be paid to the defaulting subscriber as and when he claims the amount and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for such payment. (3) The contributions of any defaulting subscriber who has not been substituted till the termination of the chit shall be paid to him within fifteen days from the date of termination of the chit subject to such deductions as may be provided for in the chit agreement.

Chit Funds Act, 1982 Section 29

Title: Substitution of Subscribers

State: Central

Year: 1982

(1) A foreman may substitute in the list of subscribers any person (hereinafter in this Chapter referred to as the substituted subscriber) in place of the defaulting subscriber whose name has been removed under sub-section (1) of section 28. (2) Every substitution referred to in sub-section (1) shall, with the date thereof, be entered in the relevant book maintained by the foreman and a true copy of every such entry shall be filed by the foreman with the Registrar within fourteen days from the date of substitution.

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Preamble 1

Title: PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850

State: Central

Year: 1850

THE PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 [Act, No. 12 of 1850] [22th March, 1850] For avoiding loss by the default of Public Accountants.1 PREAMBLE For better avoidance of loss through the default of public accountants : It is enacted as follows:-- _________________________ 1 . Short title given by the Indian Short Titles Act, 1897 (14 of 1897).

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Complete Act

Title: PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850

State: Central

Year: 1850

Preamble1 - PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section1 - Public accountants to give security Section2 - Amount and kind of security, and with what sureties Section3 - Public accountant" defined Section4 - Prosecution of accountants and sureties Section5 - Enactments applied to proceedings by and against accountants Section6 - Validation of former rules

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.....

The Kerala Chitties Act, 1975 [1] Complete Act

State: Kerala

Year: 1975

.....a bond in favour of or in trust for the other subscribers for the proper conduct of the chitty, charging immovable property sufficient to the satisfaction of the Registrar for the realization of twice the chitty amount; or (b) deposit in an approved bank an amount equal to the chitty amount or invest in Government securities of the face value of note less than one and a half times the chitty amount and transfer the amount so deposited or the Government securities in favour of the Registrar to be held in trust by him as security for the due conduct of the chitty. (2) If any foreman makes default in complying with the requirements of sub-section (1), he shall be punishable with fine which may extend to five hundred rupees. (3) The security given by the foreman under sub-section (1) or any security substituted under sub-section (6) shall not be liable to be attached in execution of a decree or otherwise until the chitty is terminated and the claims of all are fully satisfied. (4) The Registrar shall, after the termination of a chitty and after satisfying himself that the claims of all the subscribers have been fully satisfied, order the release of the security.....

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 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.....