Section 41 in The Maharashtra Chit Funds Act, 1974
41. Application for winding up.
- The application to the court for the winding up of a chit shall 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 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 of this Act shall lie, unless such petition is presented. -(a)by those non prized subscribers and those unpaid prized subscribers whose subscriptions to the chit funds in the aggregate are at least twenty-five per cent, of the chit amount subscribed by all the non-prized subscribers and unpaid prized subscribers, or(b)with the previous sanction of the State Government.Explanation. - For the purposes of this proviso, a subscriber of a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.
