(1)The variola shall contain the following particulars and shall not contain any other particulars in consistent with the provisions of this Act:"(i)the full name and residence of every subscriber;(ii)the number of tickets or the fraction thereof held by each subscriber;(iii)the number of instalments and the amount payable for each ticket at every instalment;(iv)the date on which the chitty is to be begin and the date on which it is to terminate;(v)the mode of ascertaining the prize winner at the successive instalments;(vi)the amount of discount which a prize winner at any instalment has to forego;(vii)the mode and proportion in which the discount is distributable by way of veethapalisa, foreman's commission and other expenses if any;(viii)the time and place at which the chitty is to be conducted;(ix)the instalment at which the foreman is to get the prize;(x)the approved bank or banks in which chitty moneys shall be invested by the foreman under the provisions of this Act;(xi)the consequences to which a non-prized or prized subscriber or the foreman will be liable if he violates any of provisions of the variola;(xii)the conditions under which a subscriber will be treated as a defaulting subscriber;(xiii)the nature and particulars of the security offered by the foreman under section 15;(xiv)the name of the nominee of the subscriber to whom benefits accruing to the subscriber under the chitty may be paid in case of death of the subscriber; and(xv)any other particulars that may, from time to time, be prescribed by the Government.(2)Provision shall also be made in the variola that veethapalisa shall be istributed among both the prized and non-prized subscribers, other than prized defaulter subscribers in respect of defaulted instalments of subscription.Explanation. - For the avoidance of doubts, it is hereby declared that no provision shall be made in the variola for forfeiture by a non-prized defaulter subscriber of his right to obtain veethapalisa.(3)Where the prize winner is to be determined by auction and more than one person bids for the same amount; the prize winner shall be determined by lots among them.(4)The amount of discount in a chitty shall not exceed thirty per cent of the chitty amount.
