LawgistThe Chit Funds Act
10Copies of chit agreement to be given to subscribers
(1) A foreman shall, as soon as may be after he has obtained the certificate of commencement under sub-section (2) of section 9, but not later than the date of the first draw of the chit, furnish to every subscriber, a copy of the chit agreement certified to be a true copy.
(2) A foreman shall, within fifteen days after the close of the month in which the draw for the first instalment of the chit is held, file with the Registrar, a certificate to the effect that the provisions of sub-section (1) have been complied with.
Download our fully-offline, High speed android app.- Click here
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
