Section 33 in The Maharashtra Chit Funds Act, 1974
33. Termination of chit.
- A chit shall be deemed to have terminated, -(a)when the period fixed in the chit agreement has expired, provided payment of dues to all the subscribers has been completed; or(b)where all the non-prized and unpaid prized subscribers consent in writing to the termination of the chit, and a copy of such consent is filed with the Registrar as required by section 34 of this Act; or(c)where a Foreman, who is an individual, dies or becomes of unsound mind or is otherwise incapacitated and the chit is not continued in accordance with the provisions of the chit agreement :Provided that, in the case of a Foreman which is a firm, if a partner dies or becomes of unsound mind or is otherwise incapacitated, the chit shall not be deemed to have terminated. and the surviving partner or partners shall conduct the chit in the absence of any provision to the contrary in the chit agreement.
