The Chit Funds Act

Prohibition of chits not sanctioned or registered under the Act

Prohibition of invitation for subscriptions except under certain conditions

Form of chit agreement

Filing of chit agreement

Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve  fund, by a company

Commencement of chit

Copies of chit agreement to be given to subscribers

Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution"

Prohibition of transacting business other than chit business by a company

Aggregate amount of chits

Utilisation of funds

Alteration of chit agreement

Date, time and place of conducting chits

Minutes of proceedings

Copies of minutes to be filed with Registrar

Restriction on opening of new place of business


REGISTRATION OF CHITS, COMMENCEMENT AND CONDUCT OF CHIT BUSINESS


A true copy of the minutes of the proceedings of
every draw certified as such by the foreman shall be filed by the foreman with the Registrar within
twenty-one days from the date of the draw to which it relates.

LAWGIST

# 18 Copies of minutes to be filed with Registrar