Madras Chit Funds Act, 1961 Madras Chit Funds Act, 1961 Madras Chit Funds Act, 1961
 
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Madras Chit Funds Act, 1961

 

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Madras Chit Funds Act, 1961

 

Preamble

   
  CHAPTER I: PRELIMINARY
1.

Short title, extent, and commencement

2.

Definitions

   
  Chapter II : CONSTITUTION AND REGISTRATION
3.

Registration of bye-laws

4.

Prohibition of invitation for subscription to chit of which bye-laws have not been registered

5.

Form of chit agreement

6.

Filing of chit agreement

7.

Commencement of chit business

8.

Copies of bye-laws and chit agreement to be given to subscribers

9.

Alteration of chit

10.

Minutes of proceedings

11.

Copy of minutes to be filed with the Registrar

   
  Chapter III : FOREMAN
12.

Security to be given by foreman

13.

The rights of the foreman

14.

The duties of the foreman

15.

Registers and books of account

16.

Balance-sheet

17.

Liability of the foreman to the subscribers

18.

Withdrawal of a foreman

   
  Chapter IV : NON-PRIZED SUBSCRIBERS
19.

Non-prized subscriber to pay subscription and get receipt

20.

Removal of defaulting

21.

Substitution

22.

Amount due to defaulting subscriber how dealt with

   
  Chapter V: PRIZED SUBSCRIBERS
23.

Prized subscriber to give security

24.

Prized subscriber to pay the subscription

25.

Foreman to demand future subscription by written notice

   
  Chapter VI: TRANSFER
26.

Restrictions on transfer of right of foreman

27.

Transfer of non-prized subscriber's rights to be in writing

28.

Recognition of transfer by the foreman

29.

Entry of transferer's name in the book

   
  Chapter VII: TERMINATION OF CHITS
30.

Provisions from continuation of chits in certain cases

31.

Termination of chit

32.

Copy of assent or consent to be filed with the Registrar

33.

Refund of non-prized subscriber's contributions

34.

Subscribers dues to be first charge on chit assets

   
  Chapter VIII: INSPECTION OF DOCUMENTS
35.

Foreman to allow subscriber to examine chit records

36.

Preservation of chit records by foreman

37.

Inspection of chit books and records

   
  Chapter IX : WINDING UP OF CHITS
38.

When chit may be wound up

39.

Winding up application

40.

Insolvency or liquidation a bar to winding up proceedings

41.

Commencement and effect of winding up order

42.

Injunction order

43.

Powers of court on hearing the application

44.

Chit assets to vest in court for distribution

45.

Suits stayed on winding up orders

46.

Copy winding up order to be filed with the Registrar

47.

Stay of winding up proceedings on insolvency of foreman and transfer of insolvency proceedings

48.

Compensation for frivolous or vexatious application

49.

Right of appeal

50.

Limitation

   
  Chapter X: OFFICERS, INSPECTION AND FEES
51.

Appointment of Director of Chits, Inspecting Officers, Registrars and Chit Auditors

52.

Inspection of documents in the Registrar's office

53.

Levy of fees

   
  Chapter XI: MISCELLANEOUS
54.

Appeals

55.

Power to Registrar to condone delay in certain cases

56.

Penalties

57.

Cognizance of offences

58.

Application of fines

59.

Power to enter and search any place and to seize documents, etc.

60.

Payment to be evidenced by document

61.

Interest at more than twelve per cent not to be allowed

62.

Power of court to grant relief in certain cases

63.

Power to make rules

64.

Recovery of amounts due from a foreman

65.

Act not to apply to certain chits

66.

Power to exempt

67.

Amendment of Central Act II of 1899 in its application to the Union Territory of Delhi

68.

Omitted

69.

Power to remove difficulties

 

Madras Chit Funds Act, 1961

 

 

 

 

 

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