The Chit Funds Act

Advisory role of Reserve Bank

Appeals

Powers of Registrar to give extension of time for filing documents

Penalties

Penalty for second and subsequent convictions

Application of fine

Offences by companies

Cognizance of offences

Power to compound offences

Power to enter and search any place and to seize any documents

Officers to be public servants

Power to delegate

Act not to apply to certain chits

Banks not to conduct chit business

Power to exempt

Protection of action taken under the Act

Power to make rules

Repeal and saving


MISCELLANEOUS


If any person convicted of an offence under
sub-section (1) or sub-section (3) of section 76 is again convicted of an offence under any of the said
sub-sections he shall be punishable for the second and for every subsequent offence with imprisonment
for a term which may extend to two years and shall also be liable to fine.

LAWGIST

# 77 Penalty for second and subsequent convictions