Andhra Pradesh Chit Funds Act, 1971 Andhra Pradesh Chit Funds Act, 1971 Andhra Pradesh Chit Funds Act, 1971
 
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Andhra Pradesh Chit Funds Act, 1971

 

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Andhra Pradesh Chit Funds Act, 1971

 

Preamble

   
  CHAPTER I: PRELIMINARY
1.

Short title, extent and commencement

2.

Definitions

   
  CHAPTER II: CONSTITUTION AND REGISTRATION
3.

Registration of bye-laws

4.

Prohibition of invitation for subscription to chit of which bye laws have not been registered

5.

Form of chit agreement

6.

Filing of chit agreement

7.

Commencement of chit business

8.

Copies of bye-laws and chit agreement to be given to subscribers

9.

Alteration etc., of chit agreement

10.

Minutes of proceedings

11.

Copy of minutes to be filed with the Registrar

   
  CHAPTER III: FOREMAN
12.

Security to be given by the foreman

13.

Rights of the foreman

14.

Duties of the foreman

15.

Registers and books of account

16.

Balance sheet

17.

Liability of the foreman to the subscribers

18.

Withdrawal of a foreman

   
  CHAPTER IV: NON-PRIZED SUBSCRIBERS
19.

Non -prized subscriber to pay subscription and get receipt

20.

Removal of defaulting subscribers

21.

Substitution of subscribers

22.

Amount due to defaulting subscriber how dealt with

   
  CHAPTER V: PRIZED SUBSCRIBER
23.

Prized subscriber to give security

24.

Prized subscriber to pay the subscription regularly

25.

Foreman to demand future subscriptions by written note

   
  CHAPTER VI: TRANSFER
26.

Restrictions on transfer of rights of foreman

27.

Transfer of non-prized subscriber's rights to be in writing

28.

Recognition of transfer by the foreman

29.

Entry of transferee's name in the books

   
  CHAPTER VII: TERMINATION OF CHITS
30.

Provisions for continuation of chits in certain cases

31.

Termination of chit

32.

Copy of assent or consent to be filed with the Registrar

33.

Refund of non-prized subscribers' contribution

34.

Subscriber's dues to be first charge on chit assets

   
  CHAPTER VIII: INSPECTION OF DOCUMENTS
35.

Foreman to allow subscriber to examine chit records

36.

Preservation of chit records by foreman

37.

Inspection of chit books and records

   
  CHAPTER IX: WINDING UP OF CHITS
38.

When chit may be wound up

39.

Application for winding up

40.

Insolvency or liquidation a bar to winding up proceedings

41.

Commencement and effect of winding up order

42.

Injunction order

43.

Powers of Court on hearing the application

44.

Chit assets to vest in Court for distribution

45.

Suits stayed on winding up orders

46.

Copy of winding up order to be filed with the Registrar

47.

Stay of winding up proceedings on insolvency of foreman and transfer of insolvency proceedings

48.

Compensation for frivolous or vexatious application

49.

Right of appeal

50.

Limitation

   
  CHAPTER X: OFFICER, INSPECTION AND FEES
51.

Appointment of director of chits, Inspecting officer, Registrars and chit Auditors

52.

Inspection of documents in the Registrar’s Office

53.

Levy of Fees

   
  CHAPTER XI: MISCELLANEOUS
54.

Appeals

55.

Power of Registrar to condone delay in certain cases

56.

Penalties

   
  CHAPTER VII: RECTIFICATION AND CORRECTION OF THE REGISTER
57.

Cognizance of offences

58.

Application of fines

59.

Power to enter and search any place and to seize documents, etc.

60.

Payment to be evidenced by documents

61.

Interest at more than twelve percent not be allowed

62.

Power of court to grant relief in certain cases

63.

Power to make rules

64.

Recovery of amounts due from a foreman

65.

Act not apply to certain Chits

66.

Power to exempt

67.

Amendment of Central Act 2 of 1899

 

Andhra Pradesh Chit Funds Act, 1971

 

 

 

 

 

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