(3)An alteration or addition in, or cancellation of, any chit agreement shall not take effect from a date earlier than the date of such registration of the alteration or addition or cancellation, as the case may be unless otherwise ordered by the Registrar:Provided that the Registrar shall not give effect to such alteration or addition or cancellation from a date earlier than the date of application for registration of the alteration or addition in, or cancellation of, any chit agreement, as the case may be.
