- The application to the court for the winding up of a chitty shall be by a petition presented by any non-prized or unpaid prized subscriber or by the Registrar, signed and verified in the manner prescribed by the Code of Civil Procedure, 1908 (Central Act 5 of 1908) and shall contain such particulars as may be prescribed:Provided that no petition for winding up of a chitty under clause (c) or clause (g) of section 43 shall lie unless such petition is presented by non-prized and unpaid prized subscribers representing not less than twenty-five per cent in value of the amount subscribed by the general body of non-prized and unpaid prized subscribers, if any, or with previous sanction of the Government.Explanation. - For the purposes of the foregoing proviso, a subscriber of a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.
