Amendment status not verified — confirm the current text below against the official source.
The application to the prescribed authority or court, as the case may be, for the winding up of a chit shall be by a petition presented by any non-prized subscriber or unpaid prized subscriber or by the Registrar, signed and verified in the manner prescribed by the Code of Civil Procedure, 1908, and shall contain such particulars as may be prescribed : Provided that no application for the winding up of a chit under clause (d) or clause (h) of section 40 shall the unless such petition is presented---- (a) by such non-prized subscriber and unpaid prized subscribers whose subscriptions to the chit amount in the aggregate to not less than twenty-five per cent of the amounts contributed by all the non-prized subscriber and unpaid prized subscriber; or (b) by or with the previous sanction of the Registrar. Explanation-- For the purposes of the proviso, a subscriber of a fraction of a ticket shall be deemed to by a subscriber only to the extent of such fraction. Insolvency or liquidation a bar to winding up proceedings