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[Cites 0, Cited by 0] [Section 12(1)] [Section 12] [Entire Act]

NCT Delhi - Subsection

Section 12(1)(b) in The Madras Chit Funds Act, 1961

(b)
(i)deposit in any approved bank an amount of cash not less than half of the chit amount, or
(ii)invest in Government securities of the face value or market value, whichever is less or not less than half of the chit amount, and transfer the amount so deposited or the Government securities in favour of the Registrar to be held in trust by him as security: