Section 13(2) in Jammu and Kashmir Chit Funds Act, 2016
(2)Where the foreman is a firm or other association of individuals, the aggregate chit amount of the chits conducted by the firm or other association shall not at any time exceed,-(a)where the number of partners of the firm or the individuals constituting the association is not less than four, a sum of rupees ten lakhs ;(b)in any other case, a sum calculated on the basis of one lakh rupees with respect to each such partner or individual.
