LawgistThe Prize Chits and Money Circulation Schemes (Banning) Act
3Banning of prize chits and money circulation schemes or enrolment as members or participation therein
No person shall promote or conduct any prize chit or money circulation scheme, or enroll as a member to any such chit or scheme, or participate in it otherwise, or receive or remit any money in pursuance of such chit or scheme.
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All sections
- 1 Short title and extent
- 2 Definitions
- 3 Banning of prize chits and money circulation schemes or enrolment as members or participation therein
- 4 Penalty for contravening the provisions of section 3
- 5 Penalty for other offences in connection with prize chits or money circulation schemes
- 6 Offences by companies
- 7 Power to enter, search and seize
- 8 Forfeiture of newspaper and publication containing prize chit or money circulation scheme
- 9 Power to try offences
- 10 Offences under this Act to be cognizable
- 11 Act not to apply to certain prize chits or money circulation schemes
- 12 Transitional provisions
- 13 Power to make rules
- 14 Repeals and saving
