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Section 32: Termination of chit

The Goa, Daman & Diu Chit Funds Act, 1973Union territory Act of Dadra and Nagar Haveli and Daman and Diu · Act 16 of 1973

A chit shall be deemed to have terminated— Manual of Goa Laws (Vol. I) – 688 – Chit Funds Act

(a) When the period fixed in the chit agreement has expired, provided payment of dues to all the subscribers has been completed; or

(b) When all the non-prized and unpaid prized subscribers consent in writing to the termination of the chit and a copy of such consent is filed as required by section 33; or

(c) When a foreman, who is an individual, dies or becomes of unsound mind and the chit is not continued in accordance with the provisions of the chit agreement:

Provided that in the case of a foreman which is a firm, if a partner dies or becomes of unsound mind, the chit shall not be deemed to have terminated and the surviving partner or partners shall conduct the chit in the absence of any provision to the contrary in the chit agreement.

Where this provision sits

ActThe Goa, Daman & Diu Chit Funds Act, 1973
Section32
Marginal noteTermination of chit
JurisdictionUnion territory of Dadra and Nagar Haveli and Daman and Diu
StatusIn force as published by the source

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