Section 5 in Jammu and Kashmir Chit Funds Act, 2016
5. Prohibition of invitation for subscription except under certain conditions.
- No person shall issue or cause to be issued any notice, circular, prospectus, proposal or other document inviting the public to subscribe for tickets in any chit unless such notice, circular, prospectus, proposal or document contains a statement that the previous sanction required under section 4 has been obtained and the particulars of such sanction.
