15. Alteration or addition in, or cancellation of, a chit agreement [Section 15].
(1)(i)No alteration or addition in, or cancellation of, any chit agreement shall have effect unless such alteration or addition or cancellation, as the case may be, has the consent in writing of the foreman and all the subscribers to the chit and is also registered with the Registrar.(ii)The foreman shall submit any alteration or addition in or cancellation of, any chit agreement, in duplicate to the Registrar, duly signed and attested by, at least, two witnesses, along with the true copy of the written consent for carrying out the addition, alteration or cancellation for registration.(2)An application to file an alteration or addition in or cancellation of, any chit agreement shall be dealt with in the same manner as an application for filing of the chit agreement.(3)An alteration or addition in, or cancellation of, any chit agreement shall not take effect from a date earlier than the date of such registration of the alteration or addition or cancellation, as the case may be unless otherwise ordered by the Registrar:Provided that the Registrar shall not give effect to such alteration or addition or cancellation from a date earlier than the date of application for registration of the alteration or addition in, or cancellation of, any chit agreement, as the case may be.(4)An alteration or addition in or cancellation of any chit agreement shall take effect from the date of filing of the agreement unless the Registrar raises objection on the same within fifteen working days of filing the objection.
