Chit - Law Dictionary Search Results
Home Dictionary Name: chitChit
Chit, means a transaction whether called chit, chit fund, Chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount.Explanation.--A transaction is not a chit within the meaning of this clause, if in such transaction,--(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions. [Chit Funds Act, 1982 (40 of 1982), s. 2(b)]...
Chit Fund Company
Chit Fund Company, 'chit fund company' means a company managing, conducting or supervising as foreman, agent or in any other capacity, chits as defined in s. 2 of the Chit Funds Act, 1982, (40 of 1982). [Prevention of Money Laundering Act, (15 of 2003), s. 2(h)]...
Chit agreement
Chit agreement, means the document containing the articles of agreement between the foreman and the subscribers relating to the chit. [Chit Funds Act, 1982 (40 of 1982), s. 2(c)]...
Chit amount
Chit amount, means the sum-total of the subscriptions payable by all the subscribers for any instalment of a chit without any deduction of discount or otherwise. [Chit Funds Act, 1982 (40 of 1982), s. 2(d)]...
Chit business
Chit business, means the business of conducting a chit. [Chit Funds Act, 1982 (40 of 1982), s. 2(e)]...
Prize chit
Prize chit, includes any transaction or arrangement by whatever name called under which a person collects whether as a promoter, foreman, agent or in any other capacity, monies in one lump sum or in instalments by way of contributions or subscriptions or by sale of units, certificates or other instruments or in any other manner or as membership fees or admission fees or service charges to or in respect of any savings, mutual benefit, thrift, or any other scheme or arrangement by whatever name called , and utillilses the monies so collected or any part thereof or the income accruing from investment or other use of such monies for all or any of the following purposes, namely:-(i) giving or awarding periodically or otherwise to a specified number of subscribers as determined by lot, draw or in any other manner, prizes or gifts in cash or in kind, whether or not the recipient of the prize or gift is under a liability to make any further payment in respect or such scheme or arrangement;(ii)...
Chit
The embryo or the growing bud of a plant a shoot a sprout as the chits of Indian corn or of potatoes...
Service
Service [fr. servitium, Lat.], that duty which a tenant, by reason of his estate, owes to his lord. There are many divisions of this duty in our ancient law books, as into personal and real, which is either urbane or rustic, free and base, continua land annual, casual and accidental, intrinsic and extrinsic, certain and uncertain, etc. see TENURE.The formal delivery of a writ, summons of other legal process 2. The formal delivery of some other legal notice such as pleading, Black's Law Dictionary, 7th Edn., p. 1372.The formal mode of bringing a writ or other process, or a notice in a suit, to the knowledge of the person affected by it.The service of writs of summons is regulated by (English) R.S.C. 1883, Ord. IX., which by r. 1 dispenses wit service, when (as is usual) the defendant, by his solicitor, agrees to accept service, and enters an appearance. By r. 2, service, when required, must be personal, unless an order for 'substituted service, or the substitution of notice for service,...
Discount
Discount [fr. dis and conte, Fr.], abatement; commonly a sum of money deducted from a money obligation in consideration of its payment before the stipulated time.Discount means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement, required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both. [Chit Funds Act, (40 of 1982), s. 2(g)]Means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond. [Income Tax Act, 1961 (43 of 1961), s. 36(1) iii-a Expl.]...
Dividend
Dividend, a share, the part allotted in division; the interest paid on the public funds; the share of profits of a company payable to each shareholder (see Articles 89 to 96 of Table A to Companies Act, 1929, and ss. 120-123 of the Companies Clauses Consolidation Act, 1845); a distributive share of a bankrupt's estate or on the winding-up of the company, of its assets.As to the liability upon a company in respect of a dividend when the warrant for it, having been duly posted, is lost in the post, see Thairlwal v. G.N. Ry., (1910) 2 KB 509l.Dividend means the share of the subscriber in the amount of discount available under the chit agreement for rateable distribution among the subscribers at each instalment of chit. [Chit Funds Act, (40 of 1982), s. 2(h)]Dividend, is a share of profits, whether at a fixed rate or otherwise, allocated to the holders of shares in a company, Henry v. Great Northern Rly. Co., (1857) 1 De G&J 606.'Dividend' in its ordinary connotations means the sum paid to...
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