Chapter III-Chit Agreement

Home/ Act and Rules/ Delhi Chit Fund Rules/ Chapter III-Chit Agreement

Delhi Chit Fund Rules

Chapter III

CHIT AGREEMENT


10. Specification of security to be given by foreman in chit agreement.-

  1.  If the foreman is offering cash security, the amount security and the approved bank in which it has been deposited shall be specified in the chit agreement.
     
  2.  If the foreman is offering immovable properly as security, a description of the property with such particulars as are required under the Indian Registration Act, 1908 ( Central Act XVI of 1908 ) shall be given in the chit agreement.
     
  3.  If the foreman is offering movable property as security, the manner in which or the authority with whom it shall be deposited as required under section 12 shall be specified in the agreement.
     

11.Filling of an endorsement on chit agreement.-

  1.  The chit agreement shall be field in duplicate with the Registrar within a fortnight of the date of its execution.
     
  2. Every chit agreement shall, before endorsement under sub-section (2) of section 6, be examined by the Registrar to ensure that all the requirement prescribed in the Act and these rules have been fulfilled. Any defect or irregularity noticed by the Registrar shall be removed before such endorsement.
  3.  The Registrar shall made the following endorsement on the duplicate chit agreement as required by subsection (2) of section 6 of the Act :-

Certified that the chit agreement has been filed with me on...................................under section 6 of the Madras Chit Funds Act, 1961 as extended to the Union Territory of Delhi.

Dated. . . . . . . . . . .

Registrar

Top