- The application to the prescribed authority or court, as the case may be, 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 (Act V of 1908), and shall contain such particulars as may be prescribed :Provided that no application for the winding up of a chit under clause (d) or clause (h) of section 40 shall the unless such petition is presented -(a)by such non-prized subscriber and unpaid prized subscribers whose subscriptions to the chit amount in the aggregate to not less than twenty-five per cent of the amounts contributed by all the non-prized subscriber and unpaid prized subscriber; or(b)by or with the previous sanction of the Registrar.Explanation. - For the purposes of the proviso, a subscriber of a fraction of a ticket shall be deemed to by a subscriber only to the extent of such fraction.
