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

State of Andhra Pradesh - Subsection

Section 12(1)(b) in Andhra Pradesh Chit Funds Act, 1971

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