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Section 11: Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution".

The Chit Funds Act, 1982Central Act · Act 40 of 1982

[(1) No person shall carry on chit business unless he uses as part of his name any of the words "chit", "chit fund", "chitty", "kuri", "fraternity fund" or "Rotating Savings and Credit Institution" and no person other than a person carrying on chit business shall use as part of his name any such word.br

(2) Where at the commencement of this Act,—br

(a) any person is carrying on chit business without using as part of his name any of the words specified in sub-section (1); orbr

(b) any person not carrying on chit business is using any such word as part of his name, he shall, within a period of one year from such commencement, add as part of his name any such word or, as the case may be, delete such word from his name:br

Provided that the State Government may, if it considers necessary in the public interest or for avoiding any hardship, extend the said period of one year by such further period or periods not exceeding one year in the aggregate.]

Where this provision sits

ActThe Chit Funds Act, 1982
Section11
Marginal noteUse of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution".
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted. . Subs. by s. 4, ibid., for section 11 (w.e.f. 1-1-2020).

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