(1)Save as otherwise provided in this Act, no person shall start or conduct any chit unless he has registered with the Registrar the proposed by-laws of the chit.(2)For the purpose of registration, there shall be filed with the Registrar the by-laws of the chit in duplicate signed by the foreman and attested by at least two witnesses.(3)The Registrar, on being satisfied that the by-laws are not contrary to this Act or to the rules make thereunder, shall issue to the foreman a certification of registration and such certificate shall be conclusive evidence that the by-laws of the chit therein mentioned are duly registered.(4)The Registrar shall obtain the by-laws of the chit and return the duplicate of the by-laws to the foreman with an endorsement that the by-laws have been registered.
