Amendment status not verified — confirm the current text below against the official source.
(1) No person shall commence any auction or drawing of any chit unless he has obtained a certificate of commencement from the Registrar. 65 [The Uttar Pradesh Chit Funds Act, 1975] [Section 8-11] (2) The Registrar shall, on being satisfied that the bye-laws of the chit have been duly registered and that the chit agreement including alteration in or addition to it, if any, has been filed and the security required under section 14 has been, furnished by the foreman grant a certificate of commencement. Copies of bye- laws and chit agreement to be given to subscribers