Bare Act Search Results

Chit Funds Act, 1982 Section 33

Title : Foreman to Demand Future Subscriptions by Written Notice

State : Central

Year : 1982

.....in the chit agreement and the cost of adjudication of the dispute, the Registrar or his nominee hearing the dispute shall, notwithstanding any contract to the contrary, make an order directing the subscriber to pay to the foreman the future subscriptions on or before the dates on which they fall due, and that, in case of any default of such payments by the subscriber, the foreman shall be at liberty to realise, in execution of that order, all future subscriptions and interest together with the costs, if any, less the amount, if any, already paid by the subscriber in respect thereof: Provided that if any such dispute is on a promissory note, no order shall be passed under this sub-section unless such promissory note expressly states that the amount due under the promissory note is towards the payment of subscriptions to the chit. (3) Any person who holds any interest in the property furnished as security or part thereof, shall be entitled to make the payment under sub-section (2). (4) All consolidated payment of future subscriptions realised by a foreman shall be deposited by him in an approved bank mentioned in the chit agreement before the date of the succeeding.....

Sale of Goods Act, 1930 Section 6

Title : Existing or Future Goods

State : Central

Year : 1930

(1) The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or future goods. (2) There may be a contract for the sale of goods the acquisition of which by the seller depends upon a contingency which may or may not happen. (3) Where by a contract of sale the seller purports to effect a present sale of future goods, the contract operates as an agreement to sell the goods.

Central Excise Tariff Act, 1985 Chapter 77

Title : [Reserved for Possible Future Use]

State : Central

Year : 1985

CHAPTER 77 [RESERVED FOR POSSIBLE FUTURE USE]

Customs Tariff Act 1975 Chapter 77

Title : Reserved for Possible Future Use

State : Central

Year : 1975

CHAPTER 77 (RESERVED FOR POSSIBLE FUTURE USE)

Indian Contract Act, 1872 Section 34

Title : When Event on Which Contract is Contingent to Be Deemed Impossible, if It is the Future Conduct of a Living Person

State : Central

Year : 1872

If the future event on which a contract is contingent is the way in which a person will act at an unspecified time, the event shall be considered to become impossible when such person does anything which renders it impossible that he should so act within any definite time, or otherwise than under further contingencies. Illustrations A agrees to pay B a sum of money if B marries C, C marries D. The marriage of B to C must now be considered impossible, although it is possible that D may die and that C may afterwards marry B.

Transfer of Property Act, 1882 Section 124

Title : Gift of Existing and Future Property

State : Central

Year : 1882

A gift comprising both existing and future property is void as to the latter.

Indian Succession Act, 1925 Section 342

Title : Investment of General Legacy, to Be Paid at Future Time, Disposal of Intermediate Interest

State : Central

Year : 1925

(1) Where a general legacy is given to be paid at a future time, the executor or administrator shall invest a sum sufficient to meet it in securities of the kind mentioned in section 341. (2) The intermediate interest shall form part of the residue of the testator's estate.

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 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.....