The Chit Funds Act

Circumstances under which chits may be wound up

Application for winding up

Bar to winding up proceedings

Commencement and effect of winding up order

Injunction order

Powers of Registrar

Vesting of chit assets in Registrar or other persons

Suits, etc., to be stayed on winding up order

Notification of winding up order

Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the  company and transfer of such proceedings

Award of compensation to foreman

Right to appeal

Limitation


WINDING UP OF CHITS


When a winding up order has been made or a
receiver has been appointed, no suit or other legal proceedings shall be continued or commenced against
the foreman by a subscriber for the realisation of amounts due to him in respect of the chit except with the
leave of the Registrar winding up the chit and on such terms as he may impose.

LAWGIST

# 55 Suits, etc., to be stayed on winding up order