(1)No person shall commence any auction or drawing of any chit unless he has obtained a certificate of commencement from the Registrar.(2)The Registrar shall, on being satisfied that the bye-laws of the chit have been duly registered and that the chit agreement including alteration in or addition to it, if any, has been filed and the security required under section 14 has been, furnished by the foreman grant a certificate of commencement.
