(1) A Judicial Magistrate of the first class may, on receiving a report from the Registrar or the Inspecting Officer appointed under sub-section (1) of section 52 that any person conducts or is responsible for the conduct of a chit in any place in contravention of the provisions of this Act, issue a warrant empowering the Registrar or the Inspecting Officer to enter such place with such assistance as he considers necessary and inspect the books, registers, accounts or documents in such place.
Manual of Goa Laws (Vol. I) – 695 – Chit Funds Act
(2) On receiving the warrant issued under sub-section (1) the Registrar or the Inspecting Officer may enter the place with such assistance as he considers necessary and inspect the books, registers, accounts or documents in such place and may take to his office for further investigation such books, registers, accounts and documents as he consider necessary:
Provided that if the Registrar or the Inspecting Officer removes from the place any book, register, account or document he shall give to the person in charge of the place a receipt describing the book, register, account or document so removed by him:
Provided further that within twenty four hours of the removal of the books, registers, accounts and documents, from the place the Registrar or the Inspecting Officer shall either return them to the person from whose custody they were removed or produce them in the court of the Magistrate who issued the warrant and such Magistrate may return the books, registers, accounts and documents or any of them to the person from whose custody they were removed by the Registrar or the Inspecting Officer, after taking from such person, such a security as the Magistrate considers necessary for the production of the books, registers, accounts and documents, when required whether by the Registrar or by the Inspecting Officer or by the court, or may pass such other orders as to their disposal as appear just and convenient to the Magistrate.
(3) The Registrar or the Inspecting Officer shall have authority to require any person whose testimony he may require regarding any chit agreement to attend before him or to produce or cause to be produce, any document and to examine such person on oaths.
(4) The Registrar or the Inspecting Officer may apply for assistance to an officer-incharge of a police station and take police officers to accompany and assist the Registrar or the Inspecting Officer in performing his duties under this Act.
(5) The provisions of section 102 of the Code of Criminal Procedure, 1898 (Central Act 5 of 1898) shall, so far as may be, apply to a search under this section.