LawgistAll Acts
Chit Funds Act
An Act to provide for the regulation of chit funds and for matters connected therewith.
| Act Id | 198240 |
| Act Number | 40 |
| Enactment Date | 1982-08-19 |
| Act Year | 1982 |
| Ministry | Ministry of Finance |
| Enforcement Date | 02-04-1984 |
- PRELIMINARY
- REGISTRATION OF CHITS, COMMENCEMENT AND CONDUCT OF CHIT BUSINESS
- 4 Prohibition of chits not sanctioned or registered under the Act
- 5 Prohibition of invitation for subscriptions except under certain conditions
- 6 Form of chit agreement
- 7 Filing of chit agreement
- 8 Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company
- 9 Commencement of chit
- 10 Copies of chit agreement to be given to subscribers
- 11 Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution"
- 12 Prohibition of transacting business other than chit business by a company
- 13 Aggregate amount of chits
- 14 Utilisation of funds
- 15 Alteration of chit agreement
- 16 Date, time and place of conducting chits
- 17 Minutes of proceedings
- 18 Copies of minutes to be filed with Registrar
- 19 Restriction on opening of new place of business
- RIGHTS AND DUTIES OF FOREMAN
- RIGHTS AND DUTIES OF NON-PRIZED SUBSCRIBERS
- RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS
- TRANSFERS
- MEETINGS OF GENERAL BODY OF SUBSCRIBERS
- TERMINATION OF CHITS
- INSPECTION OF DOCUMENTS
- WINDING UP OF CHITS
- 48 Circumstances under which chits may be wound up
- 49 Application for winding up
- 50 Bar to winding up proceedings
- 51 Commencement and effect of winding up order
- 52 Injunction order
- 53 Powers of Registrar
- 54 Vesting of chit assets in Registrar or other persons
- 55 Suits, etc., to be stayed on winding up order
- 56 Notification of winding up order
- 57 Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings
- 58 Award of compensation to foreman
- 59 Right to appeal
- 60 Limitation
- APPOINTMENT OF OFFICERS AND LEVY OF FEES
- DISPUTES AND ARBITRATION
- 64 Disputes relating to chit business
- 65 Period of limitation
- 66 Settlement of disputes
- 67 Procedure for settlement of disputes and powers of Registrar or nominee
- 68 Attachment before judgment and other interlocutory orders
- 69 Decision of Registrar or nominee
- 70 Appeal against decision of Registrar or nominee
- 71 Money how recovered
- 72 Private transfer of property made after issue of certificate void against foreman
- MISCELLANEOUS
- 73 Advisory role of Reserve Bank
- 74 Appeals
- 75 Powers of Registrar to give extension of time for filing documents
- 76 Penalties
- 77 Penalty for second and subsequent convictions
- 78 Application of fine
- 79 Offences by companies
- 80 Cognizance of offences
- 81 Power to compound offences
- 82 Power to enter and search any place and to seize any documents
- 83 Officers to be public servants
- 84 Power to delegate
- 85 Act not to apply to certain chits
- 86 Banks not to conduct chit business
- 87 Power to exempt
- 88 Protection of action taken under the Act
- 89 Power to make rules
- 90 Repeal and saving
