Chit Funds Act, 1982

Bare Act · 1982

An Act to provide for the regulation of chit funds and for matters connected therewith.

In the syllabus of: Andhra Pradesh APO · Telangana APO

Act number: 40 of 1982
Enacted: 19 August 1982
Contents: 90 sections · 11 chapters

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Contents

Chapter I — Preliminary

Chapter II — Registration Of Chits, Commencement And Conduct Of Chit Business

Chapter III — Rights And Duties Of Foreman

Section 20 – Security to be given by foreman (preview)
Section 21 – Rights of foreman (preview)
Section 22 – Duties of foreman (preview)
Section 23 – Books, records, etc., to be kept by foreman (preview)
Section 24 – Balance sheet (preview)
Section 25 – Liability of foreman to subscribers (preview)
Section 26 – Withdrawal of foreman (preview)

Chapter IV — Rights And Duties Of Non-Prized Subscribers

Section 27 – Non-prized subscribers to pay subscriptions and obtain receipts (preview)
Section 28 – Removal of defaulting subscribers (preview)
Section 29 – Substitution of subscribers (preview)
Section 30 – Amounts due to defaulting subscribers (preview)
Section 31 – Prized subscriber to furnish security (preview)
Section 32 – Prized subscriber to pay subscriptions regularly (preview)
Section 33 – Foreman to demand future subscriptions by written notice (preview)

Chapter VI — Transfers

Section 34 – Restrictions on transfer of rights of foreman (preview)
Section 35 – Transfer of non-prized subscriber's rights to be in writing (preview)
Section 36 – Recognition of transfer by foreman (preview)
Section 37 – Entry of transferee's name in the books (preview)
Section 38 – Meetings of general body of subscribers (preview)

Chapter VIII — Termination Of Chits

Section 39 – Provision for continuation of chits in certain cases (preview)
Section 40 – Termination of chits (preview)
Section 41 – Copy of assent or consent to be filed with Registrar (preview)
Section 42 – Refund of non-prized subscribers' subscriptions (preview)
Section 43 – Subscribers' dues to be first charge on chit assets (preview)

Chapter IX — Inspection Of Documents

Chapter X — Winding Up Of Chits

Section 48 – Circumstances under which chits may be wound up (preview)
Section 49 – Application for winding up (preview)
Section 50 – Bar to winding up proceedings (preview)
Section 51 – Commencement and effect of winding up order (preview)
Section 52 – Injunction order (preview)
Section 53 – Powers of Registrar (preview)
Section 54 – Vesting of chit assets in Registrar or other persons (preview)
Section 55 – Suits, etc., to be stayed on winding up order (preview)
Section 56 – Notification of winding up order (preview)
Section 57 – Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings (preview)
Section 58 – Award of compensation to foreman (preview)
Section 59 – Right to appeal (preview)
Section 60 – Limitation (preview)

Chapter XI — Appointment Of Officers And Levy Of Fees

Section 61 – Appointment of Registrar and other officers (preview)
Section 62 – Inspection of documents in Registrar's office (preview)
Section 63 – Levy of fees (preview)

Chapter XII — Disputes And Arbitration

Section 64 – Disputes relating to chit business (preview)
Section 65 – Period of limitation (preview)
Section 66 – Settlement of disputes (preview)
Section 67 – Procedure for settlement of disputes and powers of Registrar or nominee (preview)
Section 68 – Attachment before judgment and other interlocutory orders (preview)
Section 69 – Decision of Registrar or nominee (preview)
Section 70 – Appeal against decision of Registrar or nominee (preview)
Section 71 – Money how recovered (preview)
Section 72 – Private transfer of property made after issue of certificate void against foreman (preview)

Chapter XIII — Miscellaneous

Section 73 – Advisory role of Reserve Bank (preview)
Section 74 – Appeals (preview)
Section 75 – Powers of Registrar to give extension of time for filing documents (preview)
Section 76 – Penalties (preview)
Section 77 – Penalty for second and subsequent convictions (preview)
Section 78 – Application of fine (preview)
Section 79 – Offences by companies (preview)
Section 80 – Cognizance of offences (preview)
Section 81 – Power to compound offences (preview)
Section 82 – Power to enter and search any place and to seize any documents (preview)
Section 83 – Officers to be public servants (preview)
Section 84 – Power to delegate (preview)
Section 85 – Act not to apply to certain chits (preview)
Section 86 – Banks not to conduct chit business (preview)
Section 87 – Power to exempt (preview)
Section 88 – Protection of action taken under the Act (preview)
Section 89 – Power to make rules (preview)
Section 90 – Repeal and saving (preview)