The Chits Funds Act,1982
17. Minutes of proceedings.
(1) The minutes of the proceedings of every draw shall be prepared and entered in a book to be kept for that purpose immediately after the closure of the draw and shall be signed by the foreman, the prized subscribers, if present, or their authorised agents, and at least two other subscribers who are present, and where a direction has been made under sub-section (3) of Sec.16, also by the Registrar or the person deputed by him under that sub-section.
(2) The minutes referred to in sub-section (1) shall state clearly-
(a) the date and hour when proceedings began and ended and the place where the draw was held;
(b) the number of the installments of the chit to which the proceedings relate;
(c) the names of the subscribers present;
(d) the person or persons who become entitled to the prize amount in the stalment;
(e) the amount of discount;
(f) full particulars regarding the disposal of the unpaid prize amount, if any, in respect of any previous installments; and
(g) any other particulars that may be pescribed.
