- Every chit agreement shall be in duplicate duly signed the foreman and by the subscribers or a person duly authorized that behalf in writing by the subscribers, and attested by two nesses, and it shall contain the following particulars, namely -(1)full name and permanent residential address of each subscriber, and attested by two witnesses and it shall contain the following particulars, namely -(2)the number of tickets held by each subscriber;(3)the number of installments and the amount, payable in respect of each ticket for each installment;(4)the dates of commencement and termination of the chit;(5)the mode of ascertaining the prized-subscriber ;(6)the amount of discount which the prized subscriber, at any installment, has to fore go;(7)the mode and proportion' in which the discount is distributable by way of dividend, foreman's commission and other expenses, if any;(8)the date, time and place at which the chit is to be drawn;(9)if under the chit agreement the foreman is entitled to the chit amount, the installment at which the foreman is to get the chit amount;(10)the approved bank or banks with which chit moneys shall be deposited by the foreman under the provisions of this Act;(11)the manner in which a chit shall be continued, where a foreman who is an individual dies or becomes of unsound mind; or is otherwise incapacitated; and(12)such other particulars as may be prescribed.
