Amendment status not verified — confirm the current text below against the official source.
Form of chit agreement. — Every chit agreement shall be in duplicate and shall be signed by each subscriber or by a person authorized in that behalf in writing by the subscriber and the foreman and attested by at least two witnesses, and it shall contain the following particulars namely:- (1) the full name and the permanent residential address of every subscriber; (2) the tickets held by each subscriber; (3) the number of instalments and the amount payable in respect of each ticket for each instalment; Manual of Goa Laws (Vol. I) – 679 – Chit Funds Act (4) the dates of commencement and termination of the chit; (5) the mode of ascertaining the prized subscriber; (6) the amount of discount which the prized subscriber at any instalment has to forego; (7) the mode and proportion in which the discount is distributable by way of dividend, foreman's commission and other expenses, if any; (8) the date, time and place at which the chit is to be drawn; (9) if under the chit agreement the foreman is entitled to the chit amount, the instalment at which the foreman is to get the chit amount; (10) the approved bank or banks in which chit moneys shall be deposited by the foreman under the provisions of this Act; (11) the manner in which a chit shall be continued where a foreman who is an individual dies or becomes of unsound mind; and (12) any other particulars which may be prescribed. Explanation. — It is sufficient to get the signature of each subscriber on separate copies of the agreement.