Section 11 in The Maharashtra Chit Funds Rules, 1976
11. Particulars to be contained in the chit agreement.
- The chit agreement shall, in addition to the particulars specified in section 6, contain full and complete particulars on the following points namely :-(1)The Registrar with whom the by-laws have been registered;(2)Registration number and date of registration of the by-laws;(3)(a)if the Foreman is not a firm or a Corporation, the name, father's or mother's/husband's name, age, occupation and permanent address of the Foreman;(b)if the Foreman is a firm, the name of the firm and the name of each one of the partners of the firm and other particulars mentioned in sub-clause (a) in respect of each partner thereof;(c)if the Foreman is a Corporation, the name of the Corporation, its registration number and the name and situation of its registered office:(4)chit amount;(5)time and place at which and the period within which every prized or non-prized subscriber shall pay his subscription:(6)if the prized subscriber at a draw is to be ascertained by auction or tenders, provision for determining the prized subscriber when there are no bids or tenders;(7)persons who can bid or participate in the draw and the rights of the participants if they are nominees of subscribers;(8)whether non-prized and unpaid prized subscribers will get their contributions to the chit on the termination of the chit without any deduction;(9)particulars of security given or deposited by the Foreman under section 13 with the right reserved to change or substituted the security, subject to the permission of the Registrar;If the security is in the form of cash, the place or bank wherein they are deposited; and if Government securities, their nature and value shall be specified. The value of the security shall be given in each case;(10)period within which subscription for each instalment is payable and the fine or penalty, if any, for belated payment;(11)nature and kind of audit of accounts proposed and the person to whom the audit of balance sheets is to be entrusted under section 17:(12)date, time and place for the examination of the chit records under section 37 and the fee payable thereof;(13)the manner of security to be furnished by prized, subscribers for the due payment of future subscriptions;(14)whether the subscribers to the agreement undertake to abide by the by-laws of the chit.
