| Sections |
Chit
Funds Act, 1982 |
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Preamble
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CHAPTER I - PRELIMINARY |
| 1. |
Short title,
extent and commencement |
| 2. |
Definition |
| 3. |
Act to override
other laws, memorandium ,articles ,etc |
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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 |
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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 |
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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 |
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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 |
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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 |
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CHAPTER VII - MEETINGS OF GENERAL BODY
OF SUBSCRIBERS |
| 38. |
Meetings
of general body of subscribers |
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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 |
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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 |
