Chit Agreement - Law Dictionary Search Results
Home Dictionary Name: chit agreementChit 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
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)]...
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...
Draw
Draw, 'draw' means the manner specified in the chit agreement for the purpose of ascertaining the prized subscriber at any installment of the chit. [Chit Funds Act, (40 of 1982), s. 2(i)]...
Foreman
Foreman, 'foreman' means the person who under the chit agreement is responsible for the conduct of the chit and includes any person discharging the functions of the foreman under s. 39. [Chit Funds Act, 1982 (40 of 1982), s. 2(j)]The presiding member of a jury.A person who directs the work of employees; an oversees, crew chief, or superintendent, Black's Law Dictionary, 7th Edn., p. 662....
Defaulting subscriber
Defaulting subscriber, 'defaulting subscriber' means a subscriber who has defaulted in the payment of subscriptions due in accordance with the terms of the chit agreement. [Chit Funds Act, (40 of 1982), s. 2(f)]...
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 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)]...
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