Section 76 in The Chit Funds Act, 1982
76. Penalties.—
(1) Whoever contravenes or abets the contravention of any of the provisions of sections ... fails to comply with the requirements of the chit agreement regarding the date, time and place at which the chit is to be drawn
chit business' and 'foreman' respectively which read as follows:
2(b) - "chit" means a transaction whether called chit, chit fund ... chit business" means the business of conducting a chit;
2(j) - "Forman" means the person who under the chit agreement is responsible
approve for the purposes of this Act; (b) “chit” means a transaction whether called chit, chit fund, chitty, kuri or by any other name ... subscribers at each instalment of the chit; (i) “draw” means the manner specified in the chit agreement for the purpose of ascertaining the prized subscriber
Section 6 in The Chit Funds Act, 1982
6. Form of chit agreement.—
(1) Every chit agreement shall be in duplicate and shall be signed ... case of violation of any of the provisions of the chit agreement; (m) the conditions under which a subscriber shall be treated as a defaulting
drawing of the chit, furnish to every subscriber a copy of the bye-laws of the chit and of the chit agreement certified ... Termination of chit.
- A chit shall be deemed to have terminated- (a) when the period fixed in the chit agreement has expired, provided payment
unless the context otherwise requires,— (a) “conventional chit” means a transaction whether called chit, chit fund, kuri or by any other name by or under ... such other manner as may be provided for in the chit agreement, be entitled to a prize amount. Explanation.— In this clause “prize amount” shall
with the interest thereon at the rate provided for in the chit agreement and the cost of adjudication of the dispute, the Registrar ... deposited by him in an approved bank mentioned in the chit agreement before the date of the succeeding instalment and the amount so deposited shall
Section 7 in The Chit Funds Act, 1982
7. Filing of chit agreement.—
(1) Every chit agreement shall be filed in duplicate by the foreman ... with Registrar. (2) The Registrar shall retain one copy of the chit agreement and return the duplicate to the foreman with an endorsement that
whole of the chit amount and are liable to pay future subscriptions. The transaction is also not a chit. (3) "chit agreement" means a document ... Termination of chit.
- A chit shall be deemed lo have terminated (a) when the period fixed in the chit agreement has expired provided payment
drawing of the chit, furnish to every subscriber a copy of the by-laws of the chit and of the chit agreement certified ... Termination of chit.
- A chit shall be deemed to have terminated- (a) when the period fixed in the chit agreement has expired, provided payment
