Amendment status not verified — confirm the current text below against the official source.
Commencement of chit business.— (1) No person shall commence any auction or drawing of any chit unless he has obtained a certificate of commencement from the Registrar. (2) The Registrar shall, on being satisfied that the bye-laws of the chit have been registered and the chit agreement has been filed and the security required under section 12 has been furnished by the foreman.