Chit Funds Act, 1982 Chit Funds Act, 1982 Chit Funds Act, 1982
 
Lawzonline.com  
 

 

Chit Funds Act, 1982- Index

 

Sections

Chit Funds Act, 1982

   
  Preamble
   
  CHAPTER I - PRELIMINARY
1. Short title, extent and commencement
2. Definition
3. Act to override other laws, memorandium ,articles ,etc
   
  CHAPTER II - REGISTRATION OF CHITS, COMMENCEMENT AND CONDUCT OF CHIT BUSINESS
4. Prohibition of chits not sanctioned or registered under the Act
5. Prohibition of invitation for subscriptions except under certain conditions
6. Form of chit agreement
7. Filing of chit agreement
8. Minimum capital requirements for the commencement, etc., of a chit, and chit, and creation of a reserve fund by a company
9. Commencement of chit
10. Copies of chit agreement to be given to subscribers
11. Use of the words chit, chit fund, chitty or kuri
12. Prohibition of transacting business other than chit business by a company
13. Aggregate amount of chits
14. Utilisation of funds
15. Alteration of chit agreement
16. Date, time and place of conducting chits
17. Minutes of proceedings
18. Copies of minutes to be filed with Registrar
19. Restriction on opening of new place and business
   
  CHAPTER III - RIGHTS AND DUTIES OF FOREMAN
20. Security to be given by foreman
21. Rights of foreman
22. Duties of foreman
23. Books, records, etc., to be kept by foreman
24. Balance sheet
25. Liability of foreman to subscribers
26. Withdrawal of foreman
   
  CHAPTER IV - RIGHTS AND DUTIES AND NON-PRIZED SUBSCRIBERS
27. Non-prized subscribers to pay subscriptions and obtain receipts
28. Removal of defaulting subscribers
29. Substitution of subscribers
30. Amounts due to defaulting subscribers
   
  CHAPTER V - RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS
31. Prized subscriber to furnish security
32. Prized subscriber to pay subscriptions regularly
33. Foreman to demand future subscriptions by written notice
   
  CHAPTER VI - TRASNFERS
34. Restrictions on transfer of rights of foreman
35. Transfer of non-prized subscribers rights to be in writing
36. Recognition of transfer by foreman
37. Entry of transferees name in the books
   
  CHAPTER VII - MEETINGS OF GENERAL BODY OF SUBSCRIBERS
38. Meetings of general body of subscribers
   
  CHAPTER VIII - TERMINATION OF CHITS
39. Provision for continuation of chits in certain cases
40. Termination of chits
41. Copy of assent of consent to be filed with Registrar
42. Refund of non-prized subscribers subscriptions
43. Subscribers dues to be first charge on chit assets
   
  CHATPER IX - INSPECTION OF DOCUMENTS
44. Foreman to allow certain subscribers to inspect chit records
45. Preservation of chit records by foreman
46. Inspection of chit books and records by Registrar
47. Power Reserve Bank to inspect chit books and records

 

Chit Funds Act

Page 1 of 2 ( 1 | 2 )

 

 

 


 

Home | Legal Dictionary | Law Schools | Law Digest | Bare Acts | Disclaimer |  Contact Us | Useful Links

Partner Site: E-Magazine

 

 

 

         

©2008 http://www.Lawzonline.com

web hit counter