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Preliminary (1 to 2)
THE CHIT FUNDS ACT, 1982 No.40 OF 1982 [19th August, 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 as follows:- CHAPTER I - PRELIM...
Preliminary (2 to 3)
(j) "foreman" means the person who under the chit agreement is responsible for the conduct of the chit and includes any person discharging the functions of the chit and includes any person discharging the functions of the foreman under section 39; (k) "non-pr...
Registration Of Chits, Commencement And Conduct Of Chit Business ( 4 to 6 )
Registration Of Chits, Commencement And Conduct Of Chit Business 4.Prohibition of chits not sanctioned or registered under the Act.- (1) No chit shall be commenced or conducted without obtaining the previous sanction of the State Government within whose juri...
Registration Of Chits, Commencement And Conduct Of Chit Business ( 6 to 7 )
(m) the conditions under which a subscriber shall be treated as a defaulting subscriber; (n) the nature and particulars of the security of to be offered by the foreman; (0)the dates on which and time during which the foreman shall...
Registration Of Chits, Commencement And Conduct Of Chit Business ( 8 to 11 )
8. Minimum capital requirements for the commencement, etc., of a chit, and chit, and creation of a reserve fund by a company.- (1) Notwithstanding anything contained in the Companies Act, 1956, but subject to the provisions of this Act, a company shall not co...
Registration Of Chits, Commencement And Conduct Of Chit Business ( 12 to 15 )
12.Prohibition of transacting business other than chit business by a company.- (1) Except with the general or special permission of the State Government, no company carrying on chit business shall conduct any other business. (2) Where at the commencement of ...
Registration Of Chits, Commencement And Conduct Of Chit Business ( 16 to 19 )
16. Date, time and place of conducting chits.- (1) Every draw in a chit shall be held on the date, at the time and place mentioned in the chit agreement and a notice therefore in such form and in such manner as may be prescribed shall be issued by the foreman...
Rights and Duties of Foreman ( 20 to 21)
20.Security to be given by foreman.- (1) For the proper conduct of the chit, every foremanshall, before applying for a previous sanction under section 4,- (a) deposit in an approved bank an amount equal to the chit amount in the name of the Regist...
Rights and Duties of Foreman ( 22 to 23)
22.Duties of foreman.- (1) The foreman shall, on the prized subscriber furnish sufficient security for the due payment of future subscriptions, be bound to pay him the prize amount: Provided that the prize subscriber shall be entitled to the payment of the ...
Rights and Duties of Foreman ( 24 to 26)
24.Balance sheet.- Without prejudice to the provisions of the Companies Act, 1956 (1 of 1956.),every foreman shall prepare and file with the Registrar within such item as may be prescribed, a balance sheet as on the last date of each calendar year, or as the c...
Rights And Duties of Non-Prized Subscribers ( 27 to 30)
27. Non-prized subscribers to pay subscriptions and obtain receipts.- Every non-prized subscriber shall pay his subscription due in respect of every installment on the dates and times and at the places mentioned in the chit agreement and shall, on such payment...
Rights And Duties Of Prized Subscribers ( 31 to 33)
31. Prized subscriber to furnish security.- Every prized subscriber shall, if he has not offered to deduct the amount of all future subscription from the prize amount due to him, furnish and a foreman shall take, sufficient security for the due payment of all ...
Transfers ( 34 to 37 )
34. Restrictions on transfer of rights of foreman.- (1) No transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall be made without the previous sanction in writing of the Registrar. (2) Any transfer of the rights of a f...
Meetings of general body of subscribers ( 38 )
38. Meetings of the general body of subscribers.- (1) The foreman, may, on his own motion, convene a special meeting of the general body of subscribers for considering any proposal to pass a special resolution. (2) The foreman shall convene such a meeting on...
Termination of Chits ( 39 to 43 )
39. Provision for continuation of chits in certain cases.-(1) Where a foreman dies or becomes of unsound mind or is otherwise incapacitated, the chit may continue in accordance with the provisions of the chit agreement. (2) Where a foreman is adjudicated as i...
Inspection of Documents ( 44 to 47)
44. Foreman to allow certain subscribers to inspect chit records.- Every foreman shall, on payment of such fee not exceeding five rupees as may be specified in the chit agreement, allow the non-prized subscribers and unpaid prized subscribers reasonable facili...
Winding up of Chits ( 48 to 60 )
48. Circumstances under which chits may be wound up.- A chit may be wound up by the registrar within whose territorial jurisdiction the chit has been registered wither on his own motion or on an application made by any non-prized or unpaid prized subscriber,- ...
Appointment of Officers and Levy of Fees ( 61 to 63 )
61. Appointment of Registrar and other officers.- (1) The State Government may by notification in the Official Gazette, appoint a Registrar of Chits and as many Additional, Joint, Deputy and Assistant Registrars as Amy be necessary for the purpose of discharg...
Form IA & IB
FORM – IA FORM OF REPLY TO THE FOREMAN FOR THE COMPLIANCE OF HIS REQUEST FILED IN FORM – I OFFICE OF THE REGISTRAR OF CHITS, ____________________________________ ____________________________________ TO The Foreman ____________________________________...
Form II
FORM – II (See Section 7 and Rule 5) APPLICATION FOR REGISTRATION OF THE CHIT AGREEMENT To The Registrar of Chits, _______________________ Dear Sir, (a) I _________________S/o Sri. __________________ being the foreman conducting chit under the...