19.
Restriction on opening of new place and business.-
(1) No person carrying on chit business
shall open a new place of business without obtaining
the prior approval of the Registrar within whose
territorial jurisdiction his registered office
of, as the case may be, the place or the principal
place of business is situated.
(2) Before granting approval
under sub-section (1), the Registrar shall consult
the Registrar of the State within whose territorial
jurisdiction the new place of business is proposed
to be opened and shall also keep in view the
financial condition and methods of operation
of the foreman, the extent to which public interest
will be served by the opening of the new place
of business and such other matters as may be
prescribed.
(3) Where a person carrying
on chit business opens a new place of business
in a State other than the State (hereinafter
referred to as the State of origin) in which
his registered office or the place or the principal
place of his business is situated, the Registrar
of the State in which such new place of business
is opened may also exercise and perform any
of the powers and functions which the Registrar
of the State of origin may exercise and perform
in respect of the chit business carried on at
such new place of business.
(4) For the purposes of this
section, "place of business" shall
include any branch office, sub-office, or any
place of business where the chit business may
be conducted by such person.
| 
