Amendment status not verified — confirm the current text below against the official source.
Every chit agreement shall be in duplicate duly signed the foreman and by the subscribers or a person duly authorized that behalf in writing by the subscribers, and attested by two nesses, and it shall contain the following particulars, namely- (1) full name and permanent residential address of each subscriber, and attested by two witnesses and it shall contain the following particulars, namely--- (2) the number of tickets held by each subscriber; (3) the number of installments and the amount, payable in respect of each ticket for each installment; (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 installment, 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 installment at which the foreman is to get the chit amount; (10) the approved bank or banks with 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; or is otherwise incapacitated; and, (12) such other particulars as may be prescribed. Filling of chit agreement