Registration

Chapter II
Registration
3. Application for obtaining prior sanction for commencement or
conduct of chit - Every application for obtaining prior sanction of the State
Government or the officer empowered by it in this behalf, for
commencement of conduct of a chit shall be made by the foreman in Form I.
4.Refusal to sanction commencement or conduct of a chit— (1)
where sanction for the commencement or conduct of a chit is refused, the
reasons for such refusal shall be recorded in writing and a copy thereof shall
be communicated to the applicants.
(2) Before refusing such sanction, the State Government or the
Officer empowered by them in this behalf shall issue a notice to the foreman
calling upon him to show cause within a reasonable period to be specified in
such notice as to why sanction be not refused.
4A.Condonation of delay in payment of fees for filing of records
for sanction for commencement or conduct of Chit.—Where it is
proposed to refuse sanction for the commencement or conduct of chit for
delay in payment of fees or filing of any statement or record required to be
paid or filed under the Act or the rules made thereunder, the State
Government or the Officer empowered by them in this behalf shall condone
the delay, if they or the officer so empowered, as the case may be, is
satisfied hearing the foreman or due to other bonafide, provided the
foreman has paid the fees or filed necessary documents on or before the
date of such hearing.
5.Application for registration of a chit.—Every application for the
registration of a chit to be made by the foreman to the Registrar shall be in
Form II.

6.Endorsement of registration of a chit.— The endorsement of
registration of a chit agreement to be issued by the Registrar shall be in
Form II.
7.Registration number of chit.— Every chit registered under the Act
shall be numbered serially by the Registrar in separate series for each
calendar year.
8. Refusal to register a chit.— (1) If the Registrar refused to register
a chit, he shall record the reasons for such refusal in writing and
communicate a copy of the order made in this regard to the applicant.

(2) Before refusing such registration, the Registrar shall issue a notice
to the Foreman calling upon him to show cause within a reasonable period to
be specified in such notice as to why the registration be not refused.
8A. Condonation of delay in payment of fees or filing of records
for registration.—Where it is proposed to refuse registration of a chit for
delay in payment of fees or filing of any statement or record required to be
paid or filed under the Act or the rules made thereunder, the Registrar shall
condone the delay, if he is satisfied on hearing the foreman that the delay
has occurred due to reasons beyond the control of the foreman or due to
other bona fide reasons provided the foreman has paid the fees or filed
necessary documents on or before the date of such hearing.
9. Application for appropriation of any sum from the reserve
fund.—Every application for obtaining prior approval of the Registrar for
appropriation by a company of any sum the reserve fund shall be in Form
IV.
10. Declaration to be filed about subscription to all tickets of a
chit.—Every declaration to be filed by a foreman after all tickets in a chit
specified in the chit agreement have been fully subscribed shall be in Form
V.