Lawgist49Application for winding up
An application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 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 (i) of section 48 shall lie unless such application is presented,--
(a) by non-prized and unpaid prized subscribers representing not less than twenty-five per cent. of the amount or, as the case may be, the value of the grain subscribed by all the non-prized and unpaid prized subscribers, if any; or
(b) with the previous sanction of the State Government within whose jurisdiction the chit is commenced or conducted.
Explanation.-- For the purposes of clause (a), of the proviso, a subscriber of a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.
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- 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
