Section 7 in The Goa, Daman and Diu Chit Funds Act, 1973
7. Commencement of chit business.
(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 registered and the chit agreement has been filed and the security required under section 12 has been furnished by the foreman.
