Section 9: Commencement of chit.

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

(1) Every foreman shall, after all the tickets specified in the chit agreement are fully subscribed, file a declaration to that effect with the Registrar.

(2) As soon as may be after a declaration is filed under sub-section (1), the Registrar shall, after satisfying himself that all the requirements relating to sanction, registration of chit and other matters have been duly complied with, grant a certificate of commencement to the foreman.

(3) No foreman shall commence any auction or the draw of any chit or appropriate any [gross chit amount] unless a certificate of commencement referred to in sub-section (2) is obtained by him.

Where this provision sits

Act	The Chit Funds Act, 1982
Section	9
Marginal note	Commencement of chit.
Jurisdiction	Central
Status	In 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. 3, ibid., for “chit amount” (w.e.f. 1-1-2020).

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