Section 10 in The Maharashtra Chit Funds Act, 1974
10. Alteration of chit agreement.
(1)Subject to the provisions of this Act and of the chit agreement, the subscribers to a chit may, by passing a special resolution at a meeting convened under section 31 -(a)alter, or add to, the provisions of the chit agreement in respect of all or any of the following matters, namely :-(i)the time at which or the place where the chit is to be conducted;(ii)the reduction of the chit amount;(iii)the continuance of the chit in accordance with the provisions of section 32;(iv)the suspension or prolongation of the chit; or(v)the termination of the chit;(b)omit the name of any approved bank specified in the chit agreement or add the name of any approved bank in the chit agreement.(2)Any alteration, addition, or omission made under sub-section (1) shall be as valid as if it was originally contained in the chit agreement, and shall be subject, in like manner, to alteration, addition or omission by a special resolution as provided in section 31.(3)A true copy of every special resolution passed under sub-section (1) or sub-section (2) shall be filed by the Foreman with the Registrar within fifteen days from the date of such resolution.(4)The Foreman shall,-(a)supply to every subscriber by registered post or otherwise, a copy of every special resolution passed under sub-section (1) or sub-section (2) within seven days from the date of passing such resolution; and(b)file with the Registrar along with a copy of such resolution the acknowledgement of receipt of the copy of the resolution given by or on behalf of the subscribers.
