Madras Chit Funds Act, 1961

Sections	Madras Chit Funds Act, 1961
	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 of chit
10.	Minutes of proceedings
11.	Copy of minutes to be filed with the Registrar

	Chapter III : FOREMAN
12.	Security to be given by foreman
13.	The rights of the foreman
14.	The 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
21.	Substitution
22.	Amount due to defaulting subscriber how dealt with

	Chapter V: PRIZED SUBSCRIBERS
23.	Prized subscriber to give security
24.	Prized subscriber to pay the subscription
25.	Foreman to demand future subscription by written notice

	Chapter VI: TRANSFER
26.	Restrictions on transfer of right of foreman
27.	Transfer of non-prized subscriber's rights to be in writing
28.	Recognition of transfer by the foreman
29.	Entry of transferer's name in the book

	Chapter VII: TERMINATION OF CHITS
30.	Provisions from 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 subscriber's contributions
34.	Subscribers 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.	Winding up application
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 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: OFFICERS, INSPECTION AND FEES
51.	Appointment of Director of Chits, Inspecting Officers, Registrars and Chit Auditors
52.	Inspection of documents in the Registrar's office
53.	Levy of fees

	Chapter XI: MISCELLANEOUS
54.	Appeals
55.	Power to Registrar to condone delay in certain cases
56.	Penalties
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 document
61.	Interest at more than twelve per cent not to 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 to apply to certain chits
66.	Power to exempt
67.	Amendment of Central Act II of 1899 in its application to the Union Territory of Delhi
68.	Omitted
69.	Power to remove difficulties

Madras Chit Funds Act, 1961

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