KERALA CHITTIES ACT 1975 PDF

[Act 23 of ]. Preamble. An Act to define, amend and consolidate the law relating to chitties in the State of Kerala;. WHEREAS it is expedient to define, amend. RBI prepared a Draft Bill. The Kerala Chitties Act. The Chit Funds Act. The laws relating to chitties in force of Kerala State. appellant was that the plaintiff has violated the Kerala Chitties Act, and contended that there was no previous sanction Government as required under .

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An Act to define, amend and consolidate the law relating to chitties in the State of Kerala.

Provided that the previous sanction under this sub-section shall lapse unless the chitty is registered before the expiry of six months from the date of such sanction:. Provided further that such previous sanction shall not be necessary for starting and conducting any chitty by Provided that before refusing previous sanction, the foreman shall be given an opportunity of being heard.

Provided that the chitty amount in the case of anyone chitty conducted by a foreman shall not exceed twenty-five thousand rupees:. Provided further that the maximum limit specified in the foregoing proviso shall be two lakhs rupees in the case of any chitty of which the foreman is a banking company as defined in the Banking Regulations Act, Central Act 10 of or a corresponding new bank constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, Central Act 5 of Provided also that nothing contained in this sub-section shall apply in the case of any qct of which the foreman is a company owned by the Government of Kerala.

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Provided that no person shall conduct such a chitty except under a permit issued by such authority and in accordance with such terms and conditions as may be prescribed by the Government:.

Chittties further that no person shall be entitled to start a new chitty of the class specified in this sub-section till the expiry of the term of such a chitty already started.

In every chitty there shall be a variola in duplicate signed by each of the subscribers or by a person authorized in writing by the subscriber in that behalf and such signature shall be attested by at least one witness.

India Intelligent legal information. II – Of Constitution and Registration Section 3 – Prohibition of chitty not sanctioned or registered under keraoa Act 1 No chitty shall, after the commencement of this Act, be started and conducted unless the previous sanction of the Government or of such officer as may be empowered by the Government in chittties behalf is obtained therefore and unless the chitty is registered in accordance with the provisions of this Act: Provided that the previous sanction under this sub-section shall lapse unless the chitty is registered before the expiry of six months from the date of such sanction: Provided further that such previous sanction shall kwrala be necessary for starting and conducting any chitty by– i a company owned by the Government of Kerala; or ii a co-operative society registered or deemed to be registered under the Co-operative Societies Act for the time being in force; or iii a scheduled bank as defined in the Reserve Bank of India Act, ; or iv a corresponding new bank constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, Central Act 5 of Provided that the chitty amount in the case of anyone chitty conducted by a foreman shall not exceed twenty-five thousand rupees: Section 4 – Prohibition of invitation for subscription except under certain conditions 1 Where previous sanction is required by section 3 for starting and conducting a chitty, no person shall issue or publish any notice, circular, prospectus, proposal or other document inviting the public to subscribe for tickets in any such chitty or containing chitties terms and conditions of any such chitty unless such notice, circular, prospectus, proposal or other document contains a statement that the previous sanction required by section 3 has been xct, together with the particulars of such sanction.

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Section 5 – Saving of some chitties 1 Notwithstanding anything contained in section 3, the provisions of this Act shall not apply to a chitty if the chitty amount or the value thereof is less than one hundred rupees: Provided that no person shall conduct such a chitty except under a permit issued kerrala such authority and in accordance with such terms and conditions as may be prescribed by kearla Government: Section 6 – Variola In every chitty there shall be a variola in duplicate signed by each of the subscribers or by a person authorized in writing by the subscriber in that behalf and such signature shall be attested by at least one chihties.

Section 7 – Particulars of variola 1 The variola shall contain the following particulars and Other documents of interest: