34. Procedure for collection and distribution of chit assets [Section 54].
(1)The Registrar or any other person appointed by him under section 54 (hereinafter referred to as "the receiver"), shall prepare a statement (hereinafter referred to as the "provisional statement") showing-(a)the names of subscribers and other persons from whom moneys are due to the chit;(b)the names of the subscribers and other persons to whom moneys are due from the chit;(c)proposals as to how the chit assets are to be collected and applied in the discharge of its liabilities; and(d)the amount proposed to be paid to each of the persons specified in clause (b).(2)The notice of the preparation of the provisional statement accompanied by a copy thereof shall be served on the petitioner, the subscribers and other persons mentioned by the receiver in such manner as the Registrar may direct. If the number of persons on whom such notice is to be served is large, the Registrar or the receiver, as the case may be, shall serve the notice on the petitioner and also get such notice published in one or more local daily newspapers. The notice shall specify the date on which objections to the provisional statement will be heard and shall call upon any persons having such objections,-(i)to submit his statement of objections and the grounds therefore, supported by an affidavit before the date appointed by the Registrar or the receiver; and(ii)to appear in person or through an advocate on the date of hearing with all the evidence in support of his objections.
