(2)The duration of a chit shall not extend beyond a period of five years from the date of its commencement:Provided that the State Government may permit the duration of a chit up to a period of ten years if it is satisfied that it is necessary so to do, having regard to,—(a)the financial condition of the foreman;(b)his methods of operation;(c)the interests of prospective subscribers;(d)the requirements as to security; and(e)such other factors as the circumstances of the case may require.
