foreman, agent or in any other capacity, chits as defined in section 2 of the Chit Funds Act, 1982 ( 40 of 1982 ); (ha) [ "client" means ... section 45-1 of the Reserve Bank of India Act, 1934 and includes a chit fund 2 of 1934. company, a housing finance institution
Section 4 in The Chit Funds Act, 1982
4. Prohibition of chits not sanctioned or registered under the Act.—
(1) No chit shall be commenced
defined in clause (c) of section 5 of a Banking Regulation Act, 1949 (10 of 1949); (iv) any amount received from,— *** (b) a State Financial ... chit. Explanation I.— “Chit” has the meaning assigned to it in clause (b) of section 2 of the Chit Funds Act
Section 64 in The Chit Funds Act, 1982
64. Disputes relating to chit business.—
(1) Notwithstanding anything contained in any other law for the time
Section 3 in The Chit Funds Act, 1982
3. Act to override other laws, memorandum, articles, etc.—
Save as otherwise expressly provided in this Act
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 file any document required to be filed under this Act within the period specified therefor or within such further time
Section 70 in The Chit Funds Act, 1982
70. Appeal against decision of Registrar or nominee.—
Any party aggrieved by any order passed
Section 5 in The Chit Funds Act, 1982
5. Prohibition of invitation for subscription except under certain conditions.—
No person shall issue or cause ... other document inviting the public to subscribe for tickets in any chit unless such notice, circular, prospectus, proposal or document contains a statement that
Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952); (v) under which deposits are accepted under section 58A of the Companies Act ... falling within the meaning of Chit business as defined in clause (d) of section 2 of the Chit Fund Act, 1982 (40 of 1982); (viii
Section 2 in The Chit Funds Act, 1982
2. Definitions.—
In this Act, unless the context otherwise requires,— (a) “approved bank” means the State Bank ... Bank, approve for the purposes of this Act; (b) “chit” means a transaction whether called chit, chit fund, chitty, kuri or by any other name
