Chapter I-Preliminary

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Delhi Chit Fund Rules, 2007

Government of National Capital Territory of Delhi
(Finance (T&E) Department)
(As Published in Delhi Gazette Part-IV)

Notification:- In exercise of the powers conferred by section 89 read with clause (q) of section 2 of the Chit Funds Act, 1982(Central Act 40 of 1982), the Lt. Governor of the National Capital Territory of Delhi, in consultation with the Reserve Bank of India, hereby makes the following Rules, namely :-


Chapter 1

PRELIMINARY

Short title and Commencement.-(1) These rules may be called the Delhi Chit Funds Rules, 2007. They shall come into force on the 1st day of April, 2007.

Definitions.-In these rules, unless the context otherwise requires.-

  1. “Act” means the Chit Funds Act, 1982(Central Act 40 of 1982);
  2. “Appendix” means Appendix I, or, as the case may be, Appendix II, to these rules;
  3. “authorised agent” means a person duly authorised by a power of attorney executed and authenticated in the manner specified in section 33 of the Registration Act,1908(Central Act XVI of 1908) or a person authorised by a duly stamped power of attorney or a letter of authorisation specified in Form XVII by the person concerned;
  4. “chit auditor” means a person appointed by that designation under sub-section (2) of section 61 of the Act;
  5. “Delhi” means the National Capital Territory of Delhi;
  6. “Form” means a form in Appendix I to these rules;
  7. “month” means a calendar month;
  8. “section” means a section of the Act;
  9. Words and expressions used in these rules but not defined herein shall have the same meanings respectively assigned to them in the Act.
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