Section 38(4) in Jammu and Kashmir Chit Funds Act, 2016
(4)Notice of not less than fourteen days shall be given to all the subscribers of a meeting under this section specifying the object, date, hour and place of meeting and a copy of the special resolution shall also be sent along with the notice of the meeting.Explanation. - For the purpose of this section and section 39, "Special resolution" means a resolution which is passed at a meeting of the general body of the subscribers specially convened for the purpose by a majority of not less than two-thirds of the subscribers to the chit present at the meeting in person or by proxy and representing not less than three-fourths of the amount or, as the case may be, the value of the grain, subscribed by all non-prized and unpaid prized subscribers, if any.
