Section 17 in Andhra Pradesh Chit Funds Rules, 2008
17.
(1)Form of minutes of proceedings:- The minutes of proceedings of every draw shall, in addition to the particulars specified in sub-section (2) of section 17 contain full particulars of the following points namely;(a)Particulars of deposit, if any, of the prize amount under sub-section (2) of section 22 since the date of previous draw;(b)Particulars of deposit, if any, of money under sub-section (1) of section 22, sub-section (1) of section 30 and sub-section (4) of section 33 since the date of the previous draw;(c)Amount withdrawn from the approved bank (the name of the Bank to be specified) and the purpose for which the amount was withdrawn since the date of the previous draw;(d)How the prized subscriber was ascertained according to the terms of the Chit agreement and particulars of tickets and prize amount. If the ascertainment of the prized subscriber related to a fraction of a ticket, particulars in respect of each such fraction shall be entered;(e)Full particulars of the commission, or remuneration for meeting the expenses of the Chit paid to the foreman and the amount of dividend assigned to each subscriber;(f)Names of subscribers or their authorized agents who bid the draw, their ticket numbers and signatures.(2)Rate of interest payable by the defaulted subscriber and the duty of foreman on receipt of subscription: - Every subscriber who defaulted in payment of instalments in time as per the chit agreement, shall pay the interest @ 18% per annum on the amount so payable to the foreman and the foreman shall pay the amount of dividend of each draw even to the defaulted subscriber as and when the subscriber pays the defaulted subscription.(3)No agent or representative of the foreman or the family members of his family shall act as agents: - No employee of the foreman or the members of his family shall act as agent of subscriber for the purpose of participation in a chit auction. However, a subscriber can appoint an agent in writing who can represent only one subscriber in each auction.
