A chit may be wound up by the District Court:—
(a) if the chit has terminated under clause (c) of section 32, or
(b) if the foreman fails to give the security specified in section 12 or if he commits any such act in respect thereto as is calculated to impair materially the nature of the security or the value thereof, or
(c) if the foreman fails to deposit the chit moneys in accordance with the provision of this Act, or
(d) if it is proved to the satisfaction of the court that the foreman is unable to pay the amounts due to the subscribers, or
(e) if execution or other process issued on a decree or order of any court in favour of any subscriber in respect of amount due to him from the chit is returned unsatisfied in whole or in part, or
(f) if it is proved that there has been fraud or collusion on the part of the foreman in the matter of taking securities from prized subscribers, or Manual of Goa Laws (Vol. I) – 690 – Chit Funds Act
(g) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions, or
(h) if it is just and equitable that the chit should be wound up.
Explanation.— For the purposes of clause (d) , in determining whether the foreman is unable to pay the amount, due to the subscribers, the court shall take into account his contingent and prospective liabilities in respect of the chit:
Provided that a chit conducted by a company within the meaning of the Companies Act, 1956 (Central Act 1 of 1956) shall be wound up only by the court having jurisdiction under that Act.