LawgistThe Chit Funds Act
51Commencement and effect of winding up order
An order for the winding up of a chit shall operate in favour of all the subscribers to whom amounts are due from the foreman and it shall be deemed to have commenced from the date of the presentation of the application for the winding up.
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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
