Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 39 – The Chits Funds Act,1982

The Chits Funds Act,1982

39. Provisions for continuation of chits in certain cases.

(1) Where a foreman dies or becomes of unsound mind or is otherwise incapacitated, the chit may continue in accordance with the provisions of the chit agreement.

(2) Where a foreman is adjudicated an insolvent, or withdraws from the chit under Sec. 26, or fails to conduct the chit at any installments or on any other date before the next succeeding installments as may have been agreed upon by a special resolution, any one or more of such subscribers authoreised by ssuch resolution may, in the absence of any provision in the chit agreement for the future conduct of the chit, take the place of the foreman and continue the chit or make other arrangements for the further conduct the chit.

Previous | Next

The Chits Funds Act,1982

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2024 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation