- The application to the court for the winding up of a chit shall be by a petition presented by any non-prized subscriber 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 application for the winding, up of a chit under Clauses (d) and (h) of Section 38 shall lie unless such petition is presented-(a)by those non-prized subscribers and those unpaid prized subscribers whose subscriptions to the chit amount in the aggregate so at least twenty-five per cent, of the amounts contributed by all the non-prized subscribers and unpaid prized subscribers; or(b)with the previous sanction of the Administrator.Explanation. - For the purpose of the above proviso, a subscriber or a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.
