Chapter VIII-Inspection of Documents

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The Madras Chit Funds Act, 1961    

Chapter VIII

INSPECTION OF DOCUMENTS

35. Foreman to allow subscriber to examine chit records:- Every foreman shall , on payment of such fee not exceeding five rupees as may be specified in the chit agreement, allow non-prized and unpaid prized subscribers all reasonable facilities on all days of drawing of chits or on such days and within such hours as may be provided for in the chit agreement for the inspection of security bonds and documents receipts and other records taken from the prized subscribers or furnished by the foreman himself in his capacity as a subscriber and all chit records including books of account and pass books, the balance sheets and profit and loss accounts and such other records as may show the actual financial position of the chit scheme.

36. Preservation of chit records by foreman:- All the records pertaining to a chit shall be preserved intact by the foreman and kept for a period of six years from the date the termination of the chit.

37. Inspection of chit books and records:-

  1.  
    1. The Registrar ;or
    2. any officer authorized by the Director of chits in this behalf may inspect the chit books and all records after giving due notice in writing to the foreman.
       
  2. Every foreman shall be bound to produce the chit books and records before the Registrar or the officer authorized under subsection (1) at the time and place mentioned in the notice and shall furnish such information to him as he may require;
    Provided that such inspection may be made at the premises of the foreman if he pays in advance such fees as may be subscribed for the inspection:
    Provided further that if the foreman is a banking company as defined in the Banking Companies Act, 1949 (Central Act X of 1949) or a corporation established by or under any statute and carrying on the business of banking, such inspection shall be made only at the premises of the company or the corporation,as the case may be, and only on a working day such foreman shall pay such fees as may be prescribed for the inspection.
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