The Chit Funds Act, 1982
Central · 1982
- S. 1Short title, extent and commencement.
- S. 2Definitions.
- S. 3Act to override other laws, memorandum, articles, etc.
- S. 4Prohibition of chits not sanctioned or registered under the Act.
- S. 5Prohibition of invitation for subscriptions except under certain conditions.
- S. 6Form of chit agreement.
- S. 7Filing of chit agreement.
- S. 8Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.
- S. 9Commencement of chit.
- S. 10Copies of chit agreement to be given to subscribers.
- S. 11Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution".
- 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., to be kept by foreman.
- 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., to be stayed on winding up order.
- S. 56Notification of winding up order.
- S. 57Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings.
- 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.