Section 18(5) in The Chit Funds (Madhya Pradesh) Rules, 1984
(5)A foreman of a chit proposing to give movable (or immovable) property as security for the proper conduct of a chit shall apply to the Registrar in Form XI. The application under this sub-rule shall clearly furnish the correct and complete information regarding the property offered as security. (In case the property offered is immovable property, the application shall be accompanied by the documents of title to the property and an encumbrance certificate for 30 years relating to the property).
