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Chit Act Law Books
This self contains useful books related to the Chit Act from various states in India.
TAMIL NADU CHIT FUNDS ACT, 1984
Chit funds are a kind of financial arrangement wherein a few individuals gather and pool a fixed sum of money at regular intervals. This is done with an understanding or agreement that a single member of the group will receive the total sum of money collected ...
THE CHIT FUNDS ACT, 1982
An Act to provide for the regulation of chit funds and for matters connected therewith. Be it enacted by Parliament in the Thirty-third Year of the Republic of India
Chapter 1 - Preliminary
Chapter 2 - Registration
Chapter 3 - Foreman
Chapter 4 - Winding up of Chits
Chapter 5 - Fees
Chapter 6 - Disputes and Arbitration
Chapter 7 - Miscellaneous
APPENDIX
CHAPTER I - PRELIMINARY
CHAPTER II - Registration of chits
Chapter III - Rights and Duties of Foreman
Chapter IV - Rights And Duties of Non-Prized Subscribers
Chapter V - Rights And Duties Of Prized Subscribers
Chapter VI - Transfers
Chapter VII - Meetings Of General Body Of Subscribers
Chapter VIII - Termination of Chits
Chapter IX - Inspection of Documents
Chapter X - Winding up of Chits
Chapter XI - Appointment of Officers and Levy of Fees
Preliminary (1 to 2)
In exercise of the powers conferred by Section 89 of the Chit Funds Act, 1982 (Central Act 40 of 1982), the governor of Tamil Nadu, I consultation with the Reserve Bank of India, hereby makes the following rules. Chapter 1 Preliminary 1.Short title –(1)...
Registration ( 3 to 10 )
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 cond...
Registration ( 11 to 17 )
11. Form of commencement of chit.—The certificate of commencement of a chit to be granted to the foreman shall be in Form VI. 12. Form of certificate about furnishing copy of the chit agreement to the subscribers of a chit.—The certificate...
Foreman (18 to 19)
Chapter III Foreman 18. Procedure in the case of security given by the foreman.— [(1)(a)] In case of cash deposited in an approved bank in the name of the Registrar under sub-clause (i) of clause (a) of sub-section(1) of Section 20, the receipt or ...
Foreman (20 to 24)
20. Substitution of security.—(1) During the currency of chit, the foreman may apply to the Registrar in Form XII for permission to substitute the security given by him for the proper conduct of the chit by fresh security. (2) The Registra...
Foreman ( 25 to 27 )
25. Books of account to be maintained by the foreman.—In addition to the book of minutes of draws mentioned in Section 17, every foreman shall keep the following registers and books of accounts in the forms mentioned against each or in the forms as n...
Foreman ( 28 to 31 )
28. Date for submission of balance sheet.—(1) The balance sheet referred to in Section 24 shall be prepared within period of two months from the expiry of the period with reference to which it is prepared. (2) receipts and expenditure acco...
Winding up of Chits ( 32 to 35 )
Chapter IV Winding up of Chits 32. From of petition for winding up and presentation: A petition for winding up of a chit shall contain the following particulars namely:- (1) Full name, description, occupation and address of the petitione...
Winding up of Chits ( 36 to 41 )
36. Final order of settlement by Registrar:-- (1) As soon as possible thereafter and at least ten days before the date fixed under Rule35, the receiver submit to the Registrar a fresh list of subscribers or other persons to whom or from whom m...
Fees ( 42 to 44 )
Chapter V Fees 42. Table of fees.—The fees payable to the Registration for matters specified in Section 62 and Section 63 shall be as set out in Appendix II and shall be paid in cash. 43. Receipt of fees.—The Registrar shall grant receipts for all fees rece...
Disputes and Arbitration ( 45 to 49 )
Chapter VI Disputes and Arbitration 45. Reference of dispute.—A reference of a dispute under Section 64 shall be made in writing to the Registrar in form XVII Wherever necessary, the Registrar may require the party feferring the dispute to him to p...
Disputes and Arbitration ( 49 to 50 )
(2) Where neither party appears when the dispute is called out for hearing, the Registrar or his nominee may make an order that it be dismissed for default. (3) Where the opponent appears and the disputant does not appear when the dispute i...
Disputes and Arbitration ( 50 to 55 )
(5) The mode of serving summonses and notices as laid down in Sub- rules (1) to (4) shall mutatis mutandis apply to the service of summonses or notices issued by the Registrar or the person authorized by him when acting under Section46. 51....
Disputes and Arbitration ( 55 to 56 )
(2) If the amount due under the award is not forthwith recovered, or the order thereunder is not carried out, it shall be forwarded to the Registrar with an application for execution along with all information required by the Registrar, for the issue...
Disputes and Arbitration ( 56 )
(7) If the property is transferred to the judgment creditor in partial satisfaction of the amount due to him from the defaulter, the Court or the Collector or the Registrar, as the case may be, shall on the production by the judgment creditor of a ce...
Disputes and Arbitration ( 56 - 57 )
(11) The judgment creditor shall forthwith report any transfer of property under sub-clause (b) or (c) of clause (ii) of sub-rule (8) to the Village Administrative Officer for information and entry in the Record of Rights. (12) The judgment...
Miscellaneous (58 to 63 )
Chapter VII Miscellaneous 58. 1[Appeal].--2[(1) An appeal under Section 70 or sub-Sections (1) and (2) of Section 74 shall be made in writing and shall be either presented in person or sent by registered post to the appellate authority. E...
APPENDIX II ( 1 to 9 )
APPENDIX II Levy of fees under section 62 and 63 of the Chit Funds Act, 1982 (Central Act 40 of 1982) (See rule 42 of the T.N.Chit Funds Rules, 1984) TABLE OF FEES S.NO Description of Instrument 1 For the application for the previous sancti...
APPENDIX II ( 10 to 19 )
10 a) For application for extension of time for filing the declaration under sub- section (3) of Section7 Rs.500/- b) For the application for approval to appropriate sums from reserve fund under sub section (4) of section 8 Rs.1000/- c) ...
FORM I
APPENDIX – FORM I (See Section 4(2) and Rule 3) FORM OF APPLICATION TO BE USED BY A FOREMAN FOR OBTAININGPREVIOUS SANCTION TO COMMENCE OR CONDUCT A CHIT From ...