The Goa, Daman & Diu Chit Funds Act, 1973
Union territory Act of Dadra and Nagar Haveli and Daman and Diu ยท Act 16 of 197368 provisions
The enactment
| Type | Act |
|---|---|
| Citation | Act 16 of 1973 |
| Year | 1973 |
| Jurisdiction | Union territory of Dadra and Nagar Haveli and Daman and Diu |
| Status | In force as published by the source |
| Provisions published | 68 |
| 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 Registration of bye-laws
- Section 4 Prohibition of invitation for subscription to chit of which bye-laws have not been registered
- Section 5 Form of chit agreement
- Section 6 Filing of chit agreement
- Section 7 Commencement of chit business
- Section 8 Copies of bye-laws and chit agreement to be given to subscribers
- Section 9 Alteration of chit agreement
- Section 10 Minutes of proceedings
- Section 12 Security to be given by foreman
- Section 13 Rights of foreman
- Section 14 Duties of foreman
- Section 15 Registers and books of account
- Section 16 Balance sheet
- Section 17 Liability of foreman to the Subscribers
- Section 18 Withdrawal of foreman
- Section 19 Non-prized subscribers to pay subscription and get receipt
- Section 20 Removal of defaulting subscribers
- Section 21 Substitution
- Section 22 Amount due to defaulting subscriber how dealt with
- Section 23 How meetings to be held
- Section 24 Prized subscribers to give security
- Section 25 Prized subscriber to pay the subscriptions regularly
- Section 26 Foreman to demand future subscriptions by written notice
- Section 27 Restrictions on transfer of right of foreman
- Section 28 Transfer of non-prized subscriber's rights to be in writing
- Section 29 Recognition of transfer by the foreman
- Section 30 Entry of transferee's name in the book
- Section 31 Provisions for continuation of chit in certain cases
- Section 32 Termination of chit
- Section 33 Copy of assent or consent to be filed with the Registrar
- Section 34 Refund of non-prized subscribers contributions
- Section 35 Subscriber's dues to be first charge on chit assets
- Section 36 Foreman to allow subscriber to examine chit records
- Section 37 Preservation of chit records by foreman
- Section 38 Inspection of Chit Book and other records
- Section 39 When Chit may be wound up
- Section 40 Winding up application
- Section 41 Insolvency or liquidation a bar to winding up proceedings
- Section 42 Commencement and effect of winding up order
- Section 43 Injunction order
- Section 44 Powers of court on hearing application
- Section 45 Chit assets to vest in court for distribution
- Section 46 Suits stayed in winding up orders
- Section 47 Copy of winding up order to be filed with Registrar
- Section 48 Stay of winding up proceedings on insolvency of foreman
- Section 49 Compensation for frivolous or vexatious application
- Section 50 Right of appeal
- Section 51 Limitation
- Section 52 Appointment of Director of Chits, Inspecting Officers, Registrars and Chit Auditors
- Section 53 Inspection of document in the Registrar's Office
- Section 54 Levy of fees
- Section 55 Appeal
- Section 56 Power of Registrar to condone delay in certain cases
- Section 57 Penalties
- Section 58 Cognizance of offences
- Section 59 Application of fines
- Section 60 Power to enter and search any place and to seize documents etc
- Section 61 Payment to be evidenced by document
- Section 62 Interest at more than twelve per cent not to be allowed
- Section 63 Power of court to grant relief in certain cases
- Section 64 Power to make rules
- Section 65 Recovery of amounts due from a foreman
- Section 66 Act not to apply to certain chits
- Section 67 Power to exempt
- Section 68 Stamp duty
- Section 69 Repeal and saving
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