Section 3 in The Goa, Daman and Diu Chit Funds Act, 1973
3. Registration of bye-laws.
(1)Save as otherwise provided in this Act, no person shall start or conduct any chit unless he has registered with the Registrar the proposed bye-laws of the chit.(2)Save with the permission of the Government, no chit shall extend in duration for a period of more than five years.(3)For the purpose of registration, there shall be filed with the Registrar the bye-laws of the chit in duplicate signed by the foreman and attested by at least two witnesses.(4)The Registrar, on being satisfied that the bye-laws are not contrary to this Act or to the rules made thereunder, shall issue to the foreman a certificate of registration and such certificate shall be conclusive evidence that the bye-laws of the chit therein mentioned are registered.(5)The Registrar shall retain the bye-laws of the chit and return the duplicate of the bye-laws to the foreman with an endorsement that the bye-laws have been registered.
