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Section 40: Winding up application

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

The application to the court for the winding up of a chit shall be by a petition presented by any non-prized subscriber or unpaid prized subscriber or by the Registrar, signed and verified in the manner prescribed by the Code of Civil Procedure, 1908 (Central Act 5 of 1908) and shall contain such particulars as may be prescribed:

Provided that no application for the winding up of a chit under clauses (d) and (h) of section 39 shall lie unless such petition is presented—

(a) by those non-prized subscribers and those unpaid prized subscribers whose subscriptions to the chit amount in the aggregate is atleast twenty-five per cent of the amounts contributed by all the non-prized subscribers and unpaid prized subscribers, or

(b) with the previous sanction of the Government.

Where this provision sits

ActThe Goa, Daman & Diu Chit Funds Act, 1973
Section40
Marginal noteWinding up application
JurisdictionUnion territory of Dadra and Nagar Haveli and Daman and Diu
StatusIn force as published by the source

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