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Section 62 – The Chits Funds Act,1982

The Chits Funds Act,1982

62. Appointment of Registrar and other officers.

(1) The State Government may, by notification in the official Gazette, appoint a Registrar of Chits and as many Additional, Joint, Deputy and Assistant Registrars as may be necessary for the purpose of discharging the duties imposed upon the Registrar by or under this Act.

(2) The Registrar may appoint as many inspectors of chits and chit auditors as may be necessary for the purpose of discharging the duties imposed on the inspectors of chits or chit auditors by or under this Act.

(3) All inspectors of chits and chit auditors shall discharge the duties imposed upon them by or under this Act under the general superintendence and control of the Registrar.

(4) If the Registrar is of opinion that the accounts of any chit are not properly maintained and that such accounts should be audited, by a chit auditor.

(5) It shall be the duty of the foreman of the chit whose accounts are to be audited by a chit auditor under sub-section (4) to produce before the chit auditor, all accounts, books and other records relating to the chit ,to furnish him with such information as may be required and afford him all such assistance and facilities as may be necessary and reasonable with regard to the audit of the accounts of the chit.

(6) The foreman shall pay to the chit auditor such fees as may be prescribed for the audit of accounts of the chit under sub-section(4);

Provided that different scales of fees may be prescribed for different chits depending on thequantum of the chit amount.

Comment

Section 61 (5) provides that the foreman is duty bound to produce before a chit auditor, all accounts,) books and other records relating to chit, to furnish him with all such information as may be required by the auditor, The foreman shall afford the auditor all such assistance and facilities as may be necessary and reasonable in respect to the audit of the accounts of the chit.

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The Chits Funds Act,1982

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