Prize Chit - Law Dictionary Search Results
Prize chit
Matched in: Term Prize chit
Prize amount
Matched in: Term Prize amount
Non-prized subscriber
Non-prized subscriber, does not include defaulting subscriber. [Chit Funds Act, 1982 (40 of 1982), s. 2(k)]
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Chit
Matched in: Term Chit
Money circulation scheme
or thing is derived from the entrance money of the members of such scheme or periodical subscriptions. [Prize Chits and Money Circulation Scheme (Banning) Act, 1978, (43 of 1978), s. 2(c)] To be a money circulation scheme,
Discount
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
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)]
Money
1936, Vol. 52, p. 3. Includes a cheque, postal order, demand draft, telegraphic transfer or money order. [Prize Chits and Money Circulation Scheme (Banning) Act, 1978 (43 of 1978), s. 2(b)]
Money Bill
1936, Vol. 52, p. 3. Includes a cheque, postal order, demand draft, telegraphic transfer or money order. [Prize Chits and Money Circulation Scheme (Banning) Act, 1978 (43 of 1978), s. 2(b)]
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