The Chit Funds Act, 1982 (Bare Act)/ Universal Law Publishing

Contributor(s): Universal Law PublishingMaterial type: TextTextPublication details: New Delhi: Universal Law Publishing, 2007Description: vi, 70 pSubject(s): Chit Funds -- Bare ActDDC classification: 343.54
Contents:
THE CHIT FUNDS ACT, 1982 Introduction Sections CHAPTER I PRELIMINARY 1. Short title, extent and commencement 2. Definitions 3. Act to override other laws, memorandum, articles, etc. CHAPTER II REGISTRATION OF CHITS, COMMENCEMENT AND CONDUCT OF CHIT BUSINESS 4. Prohibition of chits not sanctioned or registered under the Act 5. Prohibition of invitation for subscription except under certain conditions 6. Form of chit agreement 7. Filing of chit agreement 8. Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company 9. Commencement of chit 10. Copies of chit agreement to be given to subscribers 11. Use of the words "chit", "chit fund", "chitty" or "kuri" 12. Prohibition of transacting business other than chit business by a company is. Aggregate amount of chits 14. Utilisation of funds 15. Alteration of chit agreement 16. Date, time and place of conducting chits 17. Minutes of proceedings 18. Copies of minutes to be filed with Registrar 19. Restriction ori opening of new place of business CHAPTER III RIGHTS AND DUTIES OF FOREMAN 20. Security to be given by foreman 21. Rights of foreman 22. Duties of foreman 23. Books, records, etc., to be kept by foreman 24. Balance-sheet 25. Liability of -foreman to subscribers 26. Withdrawal of foreman CHAPTER IV RIGHTS AND DUTIES OF NON-PRIZED SUBSCRIBERS 27. Non-prized subscribers to pay subscriptions and obtain receipts 28. Removal of defaulting subscribers 29. Substitution of subscribers 30. Amounts due to defaulting subscribers CHAPTER V RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS 31. Prized subscriber to furnish security 32. Prized subscriber to pay subscriptions regularly 33. Foreman to demand future subscriptions by written notice CHAPTER VI TRANSFERS 34. Restrictions on transfer of rights of foreman 35. Transfer of non-prized subscriber's right to be in writing 36. Recognition of transfer by foreman 37. Entry of transfer CHAPTER VII MEETINGS OF GENERAL BODY OF SUBCRIBERS 38. Meetings of general body of subscribers 21 CHAPTER VIII TERMINATION OF CHITS 39. Provision for continuation of chits in certain cases 40. Termination of chits 41. Copy of assent or consent to be filed with Registrar 42. Refund of non-prized subscribcrs's subscriptions 43. Subscribers' dues to be first charge on chit assets CHAPTER IX INSPECTION OF DOCUMENTS 44. Foreman to allow certain subscribers to inspect chit records 45. Preservation of chit records by foreman 46. Inspection of chit books and records by Registrar 47. Power of Reserve Bank to inspect chit books and records CHAPTER X WINDING UP OF CHITS 48. Circumstances under which chits may be wound up 49. Application for winding up 50. Bar to winding up proceedings 51. Commencement and effect of winding up order 52. Injunction order 53. Powers of Registrar. 54. Vesting of chit assets in Registrar or other person 55. Suits, etc., to be stayed on winding up order 56. Notification of winding up order 57. Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings 58. Award of compensation to foreman 59. Right to appeal 60. Limitation CHAPTER XI APPOINTMENT OF OFFICERS AND LEVY OF FEES 61. Appointment of Registrar and other officers 62. Inspection of documents in Registrar's Office 63. Levy of fees 27 28 28 CHAPTER XII DISPUTES AND ARBITRATION 64. Disputes relating to chit business 65. Period of limitation 66. Settlement of disputes 67. Procedure for settlement of disputes and powers of Registrar or nominee 68. Attachment before judgment and other interlocutory orders 69. Decision of Registrar or nominee 70. Appeal against decision of Registrar or nominee 71. Money how recovered 72. Private transfer of property made after issue of certificate void against foreman CHAPTER XIII MISCELLANEOUS 73. Advisory role of Reserve Bank . 74. Appeal 75. Powers of Registrar to give extension of time for filing documents 76. Penalties 77. Penalty for second and subsequent convictions 78. Application of fine 79. Offences by companies 80. Cognizance of offences. 81. Power to compound offences 82. Power to enter and search any place and to seize any documents 83. Officers to be public servants 84. Power to delegate 85. Act not to apply to certain chits 86. Banks not to conduct chit business 87. Power to exempt 88. Protection of action taken under the Act 89. Power to make rules 90. Repeal and saving THE SCHEDULE.—PART I—Form of Balance-sheet PART 11—Form of Profit and Loss Account APPENDIX.—Notifications DELHI CHIT FUNDS RULES, 2007 Rules 1 2 CHAPTER I PRELIMINARY Short title and commencement Definitions CHAPTER II REGISTRATION 3. Application for obtaining pre\'ious sanction for commencement or conduct of chit 4 Communication of the previous sanction for the commencement or conduct of a chit 5 Refusal to previous sanction for the commencement or conduct of chit Application for registration of chit agreement Chit agreement Endorsement of registration of a chit agreement Registration number of chit agreement Refusal to register a chit agreement Application for appropriation of any sum from the reserve fund Declaration to be filed about subscriptions to all tickets of a chit Form of certificate of commencement of chit Form of certificate about furnishing a copy of the chit agreement to the subscribers of a chit Alteration or addition in, or cancellation of, a chit agreement Notice of conduct of chit to chit subscribers Minutes of proceedings CHAPTER III FOREMAN I Procedure in the case of security given by the foreman Valuation of property Substitution of security Release of original security in case of substitutions Application for release of security Declaration of Foreman Procedure for release of security Books of account to be maintained by the foreman Accounts to be maintained Filing of vouchers Date for submission of balance sheet Change in ownership and name of a foreman CHAPTER IV WINDING UP OF CHITS Form of petition for winding up of a chit Procedure for collection and distribution of chit assets Set off to be allowed Hearing of objections to the provisional statement Collection and distribution of chit assets Provision for expenses of winding up Filing of final accounts by the receiver Final order of winding up by the Registrar Meetings CHAPTER V FEES Table of Fees Receipts for fees Refund of fees CHAPTER VI DISPUTES AND ARBITRATION 42. Reference of dispute 43. Registrar's satisfaction regarding existence of a dispute 44. Disposal of a dispute or reference to a nominee 45. Qualifications for appointment as Registrar's nominees 46. Procedure for hearing and decision of disputes 47. Summonses, notices and fixing of dates, places, etc. in connection with the disputes 48. Procedure for the custody of property attached under section 68 49. Procedure for execution of awards 50. Payment of fees for decisions of disputes CHAPTER VII MISCELLANEOUS 51. Appeal 52. Hearing and disposal of the appeal 53. Period of retention of records by the Registrar 54. Compounding of offences arising under the Act 55. Rate of interest for defaulted instalment of subscription by a non-prized subscriber 56. Repeal and savings APPENDIX I Form of application obtaining previous sanction to commence or conduct a chit Form of granting previous sanction for commencement or conduct of chit Application for registration of the Chit Agreement . Endorsement of Registration of a chit agreement Application for appropriation from the reserve fund. Declaration of full subscription of chit tickets. Certificate of commencement of chit FORM VIII.— Certificate of furnishing a copy of chit agreement to every subscriber of a chit Notice to subscribers of chit number 20 Application for tlie substitution of the security Form of register of subscribers Form of the ledger FORM XIII.— Form of the day book ' ' FORM XIV.— Form of register showing the amounts deposited m approved banks in respect of all chits conducted by the foreman ■ " FORM XV.— Receipt & payments account and statement of assets & liabilities of chit group: ^ form XVI.— Application for reference of a dispute to arbitration. form XVII.—(Form of letter of authority) appendix II.—^Table of fees
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Holdings
Item type Current library Call number Status Date due Barcode Item holds
Bare Acts and Legal Education Series Bare Acts and Legal Education Series Central Library, Sikkim University
General Book Section 		343.54 UNI/C (Browse shelf(Opens below)) Not for loan P12563
Total holds: 0

THE CHIT FUNDS ACT, 1982
Introduction
Sections
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
3. Act to override other laws, memorandum, articles, etc.
CHAPTER II
REGISTRATION OF CHITS, COMMENCEMENT AND
CONDUCT OF CHIT BUSINESS 4. Prohibition of chits not sanctioned or registered under the Act
5. Prohibition of invitation for subscription except under certain
conditions
6. Form of chit agreement
7. Filing of chit agreement
8. Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company
9. Commencement of chit
10. Copies of chit agreement to be given to subscribers
11. Use of the words "chit", "chit fund", "chitty" or "kuri"
12. Prohibition of transacting business other than chit business by a company
is. Aggregate amount of chits
14. Utilisation of funds
15. Alteration of chit agreement
16. Date, time and place of conducting chits
17. Minutes of proceedings
18. Copies of minutes to be filed with Registrar
19. Restriction ori opening of new place of business

CHAPTER III
RIGHTS AND DUTIES OF FOREMAN
20. Security to be given by foreman
21. Rights of foreman

22. Duties of foreman
23. Books, records, etc., to be kept by foreman
24. Balance-sheet
25. Liability of -foreman to subscribers
26. Withdrawal of foreman

CHAPTER IV
RIGHTS AND DUTIES OF NON-PRIZED SUBSCRIBERS
27. Non-prized subscribers to pay subscriptions and obtain receipts
28. Removal of defaulting subscribers
29. Substitution of subscribers
30. Amounts due to defaulting subscribers

CHAPTER V
RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS
31. Prized subscriber to furnish security
32. Prized subscriber to pay subscriptions regularly
33. Foreman to demand future subscriptions by written notice

CHAPTER VI
TRANSFERS
34. Restrictions on transfer of rights of foreman
35. Transfer of non-prized subscriber's right to be in writing
36. Recognition of transfer by foreman
37. Entry of transfer

CHAPTER VII
MEETINGS OF GENERAL BODY OF SUBCRIBERS 38. Meetings of general body of subscribers
21
CHAPTER VIII
TERMINATION OF CHITS 39. Provision for continuation of chits in certain cases
40. Termination of chits 41. Copy of assent or consent to be filed with Registrar 42. Refund of non-prized subscribcrs's subscriptions
43. Subscribers' dues to be first charge on chit assets

CHAPTER IX
INSPECTION OF DOCUMENTS
44. Foreman to allow certain subscribers to inspect chit records
45. Preservation of chit records by foreman
46. Inspection of chit books and records by Registrar
47. Power of Reserve Bank to inspect chit books and records

CHAPTER X
WINDING UP OF CHITS
48. Circumstances under which chits may be wound up
49. Application for winding up
50. Bar to winding up proceedings
51. Commencement and effect of winding up order
52. Injunction order
53. Powers of Registrar.
54. Vesting of chit assets in Registrar or other person
55. Suits, etc., to be stayed on winding up order
56. Notification of winding up order
57. Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings
58. Award of compensation to foreman
59. Right to appeal
60. Limitation

CHAPTER XI
APPOINTMENT OF OFFICERS AND LEVY OF FEES
61. Appointment of Registrar and other officers
62. Inspection of documents in Registrar's Office
63. Levy of fees
27
28
28
CHAPTER XII
DISPUTES AND ARBITRATION
64. Disputes relating to chit business
65. Period of limitation
66. Settlement of disputes
67. Procedure for settlement of disputes and powers of Registrar or nominee

68. Attachment before judgment and other interlocutory orders
69. Decision of Registrar or nominee
70. Appeal against decision of Registrar or nominee 71. Money how recovered
72. Private transfer of property made after issue of certificate void against foreman
CHAPTER XIII
MISCELLANEOUS
73. Advisory role of Reserve Bank
. 74. Appeal 75. Powers of Registrar to give extension of time for filing documents
76. Penalties
77. Penalty for second and subsequent convictions
78. Application of fine
79. Offences by companies 80. Cognizance of offences.
81. Power to compound offences 82. Power to enter and search any place and to seize any documents
83. Officers to be public servants
84. Power to delegate 85. Act not to apply to certain chits
86. Banks not to conduct chit business
87. Power to exempt
88. Protection of action taken under the Act
89. Power to make rules 90. Repeal and saving
THE SCHEDULE.—PART I—Form of Balance-sheet
PART 11—Form of Profit and Loss Account
APPENDIX.—Notifications

DELHI CHIT FUNDS RULES, 2007
Rules
1
2
CHAPTER I
PRELIMINARY
Short title and commencement
Definitions
CHAPTER II
REGISTRATION 3. Application for obtaining pre\'ious sanction for commencement or conduct of chit 4 Communication of the previous sanction for the commencement or conduct of a chit 5 Refusal to previous sanction for the commencement or conduct of chit

Application for registration of chit agreement
Chit agreement
Endorsement of registration of a chit agreement
Registration number of chit agreement Refusal to register a chit agreement Application for appropriation of any sum from the reserve fund Declaration to be filed about subscriptions to all tickets of a chit
Form of certificate of commencement of chit
Form of certificate about furnishing a copy of the chit agreement
to the subscribers of a chit

Alteration or addition in, or cancellation of, a chit agreement
Notice of conduct of chit to chit subscribers
Minutes of proceedings
CHAPTER III
FOREMAN
I
Procedure in the case of security given by the foreman
Valuation of property
Substitution of security Release of original security in case of substitutions Application for release of security
Declaration of Foreman
Procedure for release of security Books of account to be maintained by the foreman
Accounts to be maintained
Filing of vouchers
Date for submission of balance sheet
Change in ownership and name of a foreman
CHAPTER IV
WINDING UP OF CHITS
Form of petition for winding up of a chit
Procedure for collection and distribution of chit assets
Set off to be allowed
Hearing of objections to the provisional statement
Collection and distribution of chit assets
Provision for expenses of winding up Filing of final accounts by the receiver Final order of winding up by the Registrar
Meetings
CHAPTER V
FEES
Table of Fees
Receipts for fees
Refund of fees

CHAPTER VI
DISPUTES AND ARBITRATION
42. Reference of dispute 43. Registrar's satisfaction regarding existence of a dispute
44. Disposal of a dispute or reference to a nominee
45. Qualifications for appointment as Registrar's nominees 46. Procedure for hearing and decision of disputes 47. Summonses, notices and fixing of dates, places, etc. in connection with the disputes
48. Procedure for the custody of property attached under section 68
49. Procedure for execution of awards
50. Payment of fees for decisions of disputes
CHAPTER VII
MISCELLANEOUS
51. Appeal 52. Hearing and disposal of the appeal
53. Period of retention of records by the Registrar 54. Compounding of offences arising under the Act
55. Rate of interest for defaulted instalment of subscription by a non-prized subscriber
56. Repeal and savings
APPENDIX I
Form of application obtaining previous sanction to commence or conduct a chit Form of granting previous sanction for commencement or conduct of chit Application for registration of the Chit Agreement . Endorsement of Registration of a chit agreement Application for appropriation from the reserve fund. Declaration of full subscription of chit tickets. Certificate of commencement of chit FORM VIII.— Certificate of furnishing a copy of chit agreement to every subscriber of a chit Notice to subscribers of chit number 20 Application for tlie substitution of the security Form of register of subscribers Form of the ledger FORM XIII.— Form of the day book ' ' FORM XIV.— Form of register showing the amounts deposited m approved banks in respect of all chits conducted by the foreman ■ " FORM XV.— Receipt & payments account and statement of assets & liabilities of chit group: ^ form XVI.— Application for reference of a dispute to arbitration. form XVII.—(Form of letter of authority) appendix II.—^Table of fees

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