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shall be paid to the defaulting subscriber as and when he claims the amount and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for such payment.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

..... (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.....

The Kerala Chitties Act, 1975 [1] Complete Act

State: Kerala

Year: 1975

THE KERALA CHITTIES ACT, 1975 [1] THE KERALA CHITTIES ACT, 1975 [1] (Act 23 of 1975) An Act to define, amend and consolidate the law relating to chitties in the State of Kerala; Preamble. "WHEREAS it is expedient to define, amend and consolidate the law relating to chitties in the State of Kerala; BE it enacted in the Twenty-sixth Year of the Republic of India as follows: " PART I Preliminary 1. Short title, extent and commencement . "(1) This Act may be called the Kerala Chitties Act, 1975. (2) It extends to the whole of the State of Kerala. (3) It shall come into force on such date as the Government may, by notification in the Gazette, appoint. 2. Definitions. "In this Act, unless the context otherwise requires," (1) "approved bank" means a bank approved by the Government, from time to time, for the purposes of this Act; (2) "chitty" means a transaction, whether called chitty or kuri, by which one or more persons, hereinafter called the "foreman" or "foremen", enter into an agreement with a number of persons that every one of the contracting party shall subscribe a certain amount of money or quantity of grain or other.....

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 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.....