- The application to the court for the winding up of a chit shall be by a petition presented by any non-prized subscriber or unpaid prized subscriber or by the Registrar, signed and verified in the manner prescribed by the Code of Civil Procedure, 1908 (Central Act V of 1908) and shall contain such particulars as may be prescribed:Provided that no application for the winding up of a chit under clauses (d) and (h) of section 38 shall lie unless such petition is presented-(a)by those non-prized subscribers and those unpaid prized subscribers whose subscriptions to the chit amount in the aggregate to at least twenty-five per cent of the amounts contributed by all the non-prized subscribers and unpaid prized subscribers; or(b)with the previous sanction of the Government.Explanation. - For the purposes of the above proviso, a subscriber of a fraction of a ticker shall be deemed to be a (sic).
