The CHIT FUNDS ACT, 1982
chandigarh · 1982
- S. 1Subs
- S. 2The provisions of this Act shall come into force in— the State of West Bengal on 2nd April, 1984, vide notification No
- S. 3Ins
- S. 4Prohibition of chits not sanctioned or registered under the Act
- S. 5Subs
- S. 6Form of chit agreement
- S. 7Filing of chit agreement
- S. 8Minimum capital requirements for the commencement, etc
- S. 9Commencement of chit
- S. 10Copies of chit agreement to be given to subscribers
- S. 11Auction profit payable to non-prized Rs
- S. 12Prohibition of transacting business other than chit business by a company
- S. 13Aggregate amount of chits
- S. 14Utilisation of funds
- S. 15Alteration of chit agreement
- S. 16Date, time and place of conducting chits
- S. 17Minutes of proceedings
- S. 18Copies of minutes to be filed with Registrar
- S. 19Restriction on opening of new place of business
- S. 20Security to be given by foreman
- S. 21Rights of foreman
- S. 22Duties of foreman
- S. 23Books, records, etc
- S. 24Balance sheet
- S. 25Liability of foreman to subscribers
- S. 26Withdrawal of foreman
- S. 27Non-prized subscribers to pay subscriptions and obtain receipts
- S. 28Removal of defaulting subscribers
- S. 29Substitution of subscribers
- S. 30Amounts due to defaulting subscribers
- S. 31Prized subscriber to furnish security
- S. 32Prized subscriber to pay subscriptions regularly
- S. 33Foreman to demand future subscriptions by written notice
- S. 34Restrictions on transfer of rights of foreman
- S. 35Transfer of non-prized subscriber’s rights to be in writing
- S. 36Recognition of transfer by foreman
- S. 37Entry of transferee’s name in the books
- S. 38Meetings of general body of subscribers
- S. 39Provision for continuation of chits in certain cases
- S. 40Termination of chits
- S. 41Copy of assent or consent to be filed with Registrar
- S. 42Refund of non-prized subscribers’ subscriptions
- S. 43Subscribers’ dues to be first charge on chit assets
- S. 44Foreman to allow certain subscribers to inspect chit records
- S. 45Preservation of chit records by foreman
- S. 46Inspection of chit books and records by Registrar
- S. 47Power of Reserve Bank to inspect chit books and records
- S. 48Circumstances under which chits may be wound up
- S. 49Application for winding up
- S. 50Bar to winding up proceedings
- S. 51Commencement and effect of winding up order
- S. 52Injunction order
- S. 53Powers of Registrar
- S. 54Vesting of chit assets in Registrar or other persons
- S. 55Suits, etc
- S. 56Notification of winding up order
- S. 57Cessation of winding up proceedings on insolvency of foreman, etc
- S. 58Award of compensation to foreman
- S. 59Right to appeal
- S. 60Limitation
- S. 61Appointment of Registrar and other officers
- S. 62Inspection of documents in Registrar’s office
- S. 63Levy of fees
- S. 64Disputes relating to chit business
- S. 65Period of limitation
- S. 66Settlement of disputes
- S. 67Procedure for settlement of disputes and powers of Registrar or nominee
- S. 68Attachment before judgment and other interlocutory orders
- S. 69Decision of Registrar or nominee
- S. 70Appeal against decision of Registrar or nominee
- S. 71Money how recovered
- S. 72Private transfer of property made after issue of certificate void against foreman
- S. 73Advisory role of Reserve Bank
- S. 74Appeals
- S. 75Powers of Registrar to give extension of time for filing documents
- S. 76Penalties
- S. 77Penalty for second and subsequent convictions
- S. 78Application of fine
- S. 79Offences by companies
- S. 80Cognizance of offences
- S. 81Power to compound offences
- S. 82Power to enter and search any place and to seize any documents
- S. 83Officers to be public servants
- S. 84Power to delegate
- S. 85Act not to apply to certain chits
- S. 86Banks not to conduct chit business
- S. 87Power to exempt
- S. 88Protection of action taken under the Act
- S. 89Power to make rules
- S. 90Repeal and saving