The Chit Funds Act, 1982
Central Act ยท Act 40 of 198290 provisions4 citing judgments
The enactment
| Long title | An Act to provide for the regulation of chit funds and for matters connected therewith. |
|---|---|
| Type | Act |
| Citation | Act 40 of 1982 |
| Year | 1982 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 90 |
| Subjects | financial |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Act to override other laws, memorandum, articles, etc.1 citing judgment
- Section 4 Prohibition of chits not sanctioned or registered under the Act.1 citing judgment
- Section 5 Prohibition of invitation for subscriptions except under certain conditions.1 citing judgment
- Section 6 Form of chit agreement.1 citing judgment
- Section 7 Filing of chit agreement.
- Section 8 Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.
- Section 9 Commencement of chit.
- Section 10 Copies of chit agreement to be given to subscribers.
- Section 11 Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution".
- Section 12 Prohibition of transacting business other than chit business by a company.
- Section 13 Aggregate amount of chits.
- Section 14 Utilisation of funds.
- Section 15 Alteration of chit agreement.
- Section 16 Date, time and place of conducting chits.
- Section 17 Minutes of proceedings.
- Section 18 Copies of minutes to be filed with Registrar.
- Section 19 Restriction on opening of new place of business.
- Section 20 Security to be given by foreman.
- Section 21 Rights of foreman.
- Section 22 Duties of foreman.
- Section 23 Books, records, etc., to be kept by foreman.
- Section 24 Balance sheet.
- Section 25 Liability of foreman to subscribers.
- Section 26 Withdrawal of foreman.
- Section 27 Non-prized subscribers to pay subscriptions and obtain receipts.
- Section 28 Removal of defaulting subscribers.
- Section 29 Substitution of subscribers.
- Section 30 Amounts due to defaulting subscribers.
- Section 31 Prized subscriber to furnish security.
- Section 32 Prized subscriber to pay subscriptions regularly.
- Section 33 Foreman to demand future subscriptions by written notice.
- Section 34 Restrictions on transfer of rights of foreman.
- Section 35 Transfer of non-prized subscriber's rights to be in writing.
- Section 36 Recognition of transfer by foreman.
- Section 37 Entry of transferee's name in the books.
- Section 38 Meetings of general body of subscribers.
- Section 39 Provision for continuation of chits in certain cases.
- Section 40 Termination of chits.
- Section 41 Copy of assent or consent to be filed with Registrar.
- Section 42 Refund of non-prized subscribers' subscriptions.
- Section 43 Subscribers' dues to be first charge on chit assets.
- Section 44 Foreman to allow certain subscribers to inspect chit records.
- Section 45 Preservation of chit records by foreman.
- Section 46 Inspection of chit books and records by Registrar.
- Section 47 Power of Reserve Bank to inspect chit books and records.
- Section 48 Circumstances under which chits may be wound up.
- Section 49 Application for winding up.
- Section 50 Bar to winding up proceedings.
- Section 51 Commencement and effect of winding up order.
- Section 52 Injunction order.
- Section 53 Powers of Registrar.
- Section 54 Vesting of chit assets in Registrar or other persons.
- Section 55 Suits, etc., to be stayed on winding up order.
- Section 56 Notification of winding up order.
- Section 57 Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings.
- Section 58 Award of compensation to foreman.
- Section 59 Right to appeal.
- Section 60 Limitation.
- Section 61 Appointment of Registrar and other officers.
- Section 62 Inspection of documents in Registrar's office.
- Section 63 Levy of fees.
- Section 64 Disputes relating to chit business.
- Section 65 Period of limitation.
- Section 66 Settlement of disputes.
- Section 67 Procedure for settlement of disputes and powers of Registrar or nominee.
- Section 68 Attachment before judgment and other interlocutory orders.
- Section 69 Decision of Registrar or nominee.
- Section 70 Appeal against decision of Registrar or nominee.
- Section 71 Money how recovered.
- Section 72 Private transfer of property made after issue of certificate void against foreman.
- Section 73 Advisory role of Reserve Bank.
- Section 74 Appeals.
- Section 75 Powers of Registrar to give extension of time for filing documents.
- Section 76 Penalties.
- Section 77 Penalty for second and subsequent convictions.
- Section 78 Application of fine.
- Section 79 Offences by companies.
- Section 80 Cognizance of offences.
- Section 81 Power to compound offences.
- Section 82 Power to enter and search any place and to seize any documents.
- Section 83 Officers to be public servants.
- Section 84 Power to delegate.
- Section 85 Act not to apply to certain chits.
- Section 86 Banks not to conduct chit business.
- Section 87 Power to exempt.
- Section 88 Protection of action taken under the Act.
- Section 89 Power to make rules.
- Section 90 Repeal and saving.
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