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Chit Funds Act, 1982

No.40 of 1982

Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
2 Definition
3 Act to override other laws, memorandum ,articles ,etc
Chapter II Registration Of Chits, Commencement And Conduct Of Chit Business
4 Prohibition of chits not sanctioned or registered under the Act
5 Prohibition of invitation for subscriptions except under certain conditions
6 Form of chit agreement
7 Filling of chit agreement
8 Minimum capital requirements for the commencement, etc., of a chit, and chit, and creation of a reserve fund by a company
9 Commencement of chit
10 Copies of chit agreement to be given to subscribers
11 Use of the words chit, chit fund, chitty or Kurt
12 Prohibition of transacting business other than chit business by a company
13 Aggregate amount of chits

[19th August, 1982.]

An Act to provide for the regulation of chit funds and for matters connected there with. Be it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:-

Comment: "The dominant purpose of the Act is to regulate the chit and control the activity of the foreman and protect the interests of the subscribers. The pith and substance of the Act is that it provides for a special contract. The legislation provides for a special kind of contract and thus squarely falls within Entry 7 of List III of Schedule VII. "M/s. Shriram Chits & Investment (P.) Ltd. v. Union of India, AIR 1993 SUPREME COURT 2063

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