Section 5 in The Goa, Daman and Diu Chit Funds Act, 1973
5. Form of chit agreement.
- Every chit agreement shall be in duplicate and shall be signed by each subscriber or by a person authorized in that behalf in writing by the subscriber and the foreman and attested by at least two witnesses, and it shall contain the following particulars namely:-(1)the full name and the permanent residential address of every subscriber;(2)the tickets held by each subscriber;(3)the number of instalments and the amount payable in respect of each ticket for each instalment;(4)the dates of commencement and termination of the chit;(5)the mode of ascertaining the prized subscriber;(6)the amount of discount which the prized subscriber at any instalment has to forego;(7)the mode and proportion in which the discount is distributable by way of dividend, foreman's commission and other expenses, if any;(8)the date, time and place at which the chit is to be drawn;(9)if under the chit agreement the foreman is entitled to the chit amount, the instalment at which the foreman is to get the chit amount;(10)the approved bank or banks in which chit moneys shall be deposited by the foreman under the provisions of this Act;(11)the manner in which a chit shall be continued where a foreman who is an individual dies or becomes of unsound mind; and(12)any other particulars which may be prescribed.Explanation. - It is sufficient to get the signature of each subscriber on separate copies of the agreement.
