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

Contributor(s): Universal Law PublishingMaterial type: TextTextPublication details: New Delhi: Universal Law Publishing, 2010Description: iv, 39 pSubject(s): Fund -- Bare ActDDC classification: 343.54
Contents:
THE CHIT FUNDS ACT, 1982 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 13. 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 on 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 writmg 36. Recognition of transfer by foreman 37. Entry of transfer ' 1 . JAPTER VII meetings of general body of SUBCRIBFRS 38. Meetings of general body of subscribers CHAPTER VIII termination of chits 39. Provision for continuation of chits in certain 40. Termination of chits 41. Copy of assent or consent to be filed with Registrar 42. Refund of non-prized subscribers'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 Levy of fees • •' CHAPTER XII DISPUTES AND ARBITRATION Disputes relating to chit business • • Period of limitation . % Settlement of disputes 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 convictior« 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 T,' 90. Repeal and saving the schedule.—part I—Form of Balance-sheet PART n—Form of Profit and Loss Account appendix.—Notifications
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THE CHIT FUNDS ACT, 1982
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
13. 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 on 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 writmg 36. Recognition of transfer by foreman 37. Entry of transfer ' 1
. JAPTER VII meetings of general body of SUBCRIBFRS 38. Meetings of general body of subscribers
CHAPTER VIII termination of chits
39. Provision for continuation of chits in certain
40. Termination of chits 41. Copy of assent or consent to be filed with Registrar 42. Refund of non-prized subscribers'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
Levy of fees • •'
CHAPTER XII
DISPUTES AND ARBITRATION
Disputes relating to chit business • •
Period of limitation . %
Settlement of disputes
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 convictior«
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 T,'
90. Repeal and saving the schedule.—part I—Form of Balance-sheet PART n—Form of Profit and Loss Account
appendix.—Notifications

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