9.
Commencement of chit.- (1) Every foreman
shall, after all the tickets specified in the
chit agreement are fully subscribed, file a
declaration to that effect with the Registrar
(2) As soon as may be after
a declaration is filed under sub-section (1),
the Registrar shall, after satisfying himself
that all the requirements relating to sanction,
registration of chit and other matters have
been duly complied with, grant a certificate
of commencement to the foreman.
(3) No foreman shall commence
any auction or the draw of any chit or appropriate
any chit or appropriate any chit amount unless
a certificate of commencement referred to in
sub-section (2) is obtained by him.
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