Section 11 in The Maharashtra Chit Funds Act, 1974
11. Minutes of proceedings.
(1)Minutes of the proceedings of every draw shall be prepared and entered in a book to be kept for that purpose, and shall be signed by the Foreman and all the subscribers present. It shall also be signed by the prized subscriber or his authorised agent.(2)Such minutes shall state clearly, -(i)the date and hour when the proceedings began and ended, and the place where the draw was held;(ii)the number of the particular instalment of the chit of which proceedings are recorded;(iii)the names of the subscribers present;(iv)the person or persons who became entitled to the prize amount in the particular instalment;(v)the amount of discount;(vi)full particulars regarding the disposal of the prize amount in respect of the preceding instalment and disposal of unpaid prize amount, if any, in respect of any previous instalment; and(vii)any other particulars which may be prescribed.
