(1)Whoever contravenes or abets the contravention of any of the provisions of Sections 3, 4 and 7 shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to five hundred rupees or with both.(2)Any foreman-(a)who does not file the chit agreement under Section 6 or a copy of any document under Section 11, sub-section (2) of Section 20, sub-section (2) of Section 21, Section 29 or Section 32 within the period specified for such filing or within the further time allowed under Section 55 for such filing; or(b)who contravenes any of the provisions of Section 8, sub-sections (1) and (6) of Section 12, Section 14, Section 15, Section 16, Section 20, Section 21, Section 22, Section 23, sub-section (4) of Section 2, Section 29, Section 35, Section 36, Section 37 and sub-section (4) of Section 51; or(c)who falls to comply with the requirement of the chit agreement - regarding the date, time and place at which is to be drawn, shall be punishable with fine which may extend to one hundred rupees.(3)Whoever in any document required by; or for purposes of, any of the provisions of this Act wilfully makes a statement false in any material particular knowing it to be false, shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to five hundred rupees.
