Section 5 in Andhra Pradesh State Prize Chits and Money Circulation Schemes (Banning) Rules, 1979
5. Extension of time for the winding up of the existing Schemes:
- If for any reason the promoter is unable to wind up the existing business or the schemes on or before the date specified by him in the winding up plan submitted by him under Rule 4 or such other date as may be approved by the State Government, and is desirous of continuing it for its beneficial winding up beyond the specified date or the approved date as the case may be, he shall not later than 4 months before such specified date in Rule 4 submit to the authorised officer an application in duplicate in Form 11 of the Second Schedule giving full details of such business which needs extension of time, the period for which the extension is sought and the reasons why such business cannot be finally wound up within the said specified date. Two copies of the application shall, simultaneously be forwarded by the promoter to the office of the Reserve Bank.
