| Sections | Chit Funds Act, 1982 |
| | |
| | Preamble |
| | |
| | CHAPTER I - PRELIMINARY |
| 1. | Short title, extent and commencement |
| 2. | Definition |
| 3. | Act to override other laws, memorandium ,articles ,etc |
| | |
| | CHAPTER II - REGISTRATION OF CHITS, COMMENCEMENT AND CONDUCT OF CHIT BUSINESS |
| 4. | Prohibition of chits not sanctioned or registered under the Act |
| 5. | Prohibition of invitation for subscriptions except under certain conditions |
| 6. | Form of chit agreement |
| 7. | Filing of chit agreement |
| 8. | Minimum capital requirements for the commencement, etc., of a chit, and chit, and creation of a reserve fund by a company |
| 9. | Commencement of chit |
| 10. | Copies of chit agreement to be given to subscribers |
| 11. | Use of the words chit, chit fund, chitty or kuri |
| 12. | Prohibition of transacting business other than chit business by a company |
| 13. | Aggregate amount of chits |
| 14. | Utilisation of funds |
| 15. | Alteration of chit agreement |
| 16. | Date, time and place of conducting chits |
| 17. | Minutes of proceedings |
| 18. | Copies of minutes to be filed with Registrar |
| 19. | Restriction on opening of new place and business |
| | |
| | CHAPTER III - RIGHTS AND DUTIES OF FOREMAN |
| 20. | Security to be given by foreman |
| 21. | Rights of foreman |
| 22. | Duties of foreman |
| 23. | Books, records, etc., to be kept by foreman |
| 24. | Balance sheet |
| 25. | Liability of foreman to subscribers |
| 26. | Withdrawal of foreman |
| | |
| | CHAPTER IV - RIGHTS AND DUTIES AND NON-PRIZED SUBSCRIBERS |
| 27. | Non-prized subscribers to pay subscriptions and obtain receipts |
| 28. | Removal of defaulting subscribers |
| 29. | Substitution of subscribers |
| 30. | Amounts due to defaulting subscribers |
| | |
| | CHAPTER V - RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS |
| 31. | Prized subscriber to furnish security |
| 32. | Prized subscriber to pay subscriptions regularly |
| 33. | Foreman to demand future subscriptions by written notice |
| | |
| | CHAPTER VI - TRASNFERS |
| 34. | Restrictions on transfer of rights of foreman |
| 35. | Transfer of non-prized subscribers rights to be in writing |
| 36. | Recognition of transfer by foreman |
| 37. | Entry of transferees name in the books |
| | |
| | CHAPTER VII - MEETINGS OF GENERAL BODY OF SUBSCRIBERS |
| 38. | Meetings of general body of subscribers |
| | |
| | CHAPTER VIII - TERMINATION OF CHITS |
| 39. | Provision for continuation of chits in certain cases |
| 40. | Termination of chits |
| 41. | Copy of assent of consent to be filed with Registrar |
| 42. | Refund of non-prized subscribers subscriptions |
| 43. | Subscribers dues to be first charge on chit assets |
| | |
| | CHATPER IX - INSPECTION OF DOCUMENTS |
| 44. | Foreman to allow certain subscribers to inspect chit records |
| 45. | Preservation of chit records by foreman |
| 46. | Inspection of chit books and records by Registrar |
| 47. | Power Reserve Bank to inspect chit books and records |
