Section 3(4) in Uttar Pradesh Chit Funds Act, 1975
(4)Without prejudice to the generality of his power under clause (ii) of sub-section (3) the Registrar shall refuse registration of any general bye-laws which do no provide for entering into an agreement in writing with the subscriber providing that the installments of subscription to the chit fund shall be monthly and the chit amount received every month from the subscribers shall be paid to the prized subscriber after deducting the discount which shall not exceed thirty per cent of the chit amount and that the discount shall be available for rateable distribution among the subscribers of the chit after payment of the commission to the foreman which shall not exceed five per cent of the chit amount.
