(1)No chitty shall, after the commencement of this Act, be started and conducted unless the previous sanction of the Government or of such officer as may be empowered by the Government in this behalf is obtained therefore and unless the chitty is registered in accordance with the provisions of this Act:Provided that the previous sanction under this sub-section shall lapse unless the chitty is registered before the expiry of six months from the date of such sanction:Provided further that such previous sanction shall not be necessary for starting and conducting any chitty by"(i)a company owned by the Government of Kerala; or(ii)a co-operative society registered or deemed to be registered under the Co-operative Societies Act for the time being in force; or(iii)a scheduled bank as defined in the Reserve Bank of India Act, 1934 ; or(iv)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970).
