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


No suit, prosecution or other legal proceeding shall
lie against the State Government, the Registrar or other officers of the State Government or of the Reserve Bank or any of its officers exercising any powers or discharging any functions under this Act in respect of
anything which is in good faith done or intended to be done in pursuance of this Act or the rules made
thereunder.

LAWGIST

# 88 Protection of action taken under the Act