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7. Commencement of chit business.- (1) No person shall commence any auction or drawing of any chit unless he has obtained a certificate of commencement from the Registrar. (2) The Registrar shall, on being satisfied that the by-laws of the chit have been registered and the chit agreement has been filed and the security required under section 12 has been furnished by the foreman, grant a certificate of commencement. | |||||
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