Amendment status not verified — confirm the current text below against the official source.
A chitty may be wound up by the District Court within whose territorial jurisdiction the chitty has been registered,-- (a) if the chitty has terminated under clause (c) of Section 36; or (b) if the foreman fails to furnish the security specified in Section 15, or if he commits any such acts in respect thereto as are calculated to impair materially the nature of the security or the value thereof, or if he fails to deposit the chitty moneys in accordance with the provisions of sub-sections (1) and (2) of Section 17 or sub-section (3) of Section 24 or sub-section (2) of Section 25 or sub-section (4) of Section 29; or (c) if it is proved to the satisfaction of the Court that the foreman is unable to pay the amounts due to the subscribers: Explanation.-- In determining whether the foreman is unable to pay the amounts due to the subscribers, the Court shall take into account his contingent and prospective liabilities in respect of the chitty; or (d) if execution or other process issued on a decree or order of any Court in favour of any subscriber in respect of amounts due to him from the chitty is returned unsatisfied in whole or in part; or (e) if it is proved that there has been fraud or collusion on the part of the foreman in the matter of taking securities from prized subscribers; or (f) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions; or (g) if the Court is of opinion that the affairs of the chitty are being conducted in a manner prejudicial to the interest of the subscribers.