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Section 65 – The Chits Funds Act,1982

The Chits Funds Act,1982

65. Period of limitation.

(1) Notwithstanding anything contained in the Limitation Act,1963 (36 of 1963), but subject to the specific provisions contained in this Act, the period of limitation in the case of dispute referred to the Registrar under Sec. 64, shall, –

(a) if the dispute relates to the recovery of any sum, including interest thereon, due to a foreman from a deceased subscriber, be three years, computed from the date on which such subscriber dies or ceases to be a subscriber or

(b) if the dispute is between a foreman and a subscriber or a past subscriber, or the nominee, heir or legal representative of a deceased subscriber, and the dispute relates to any act oromission on the part of either party to the dispute, be three years from the date on which the act or omission with reference to which the dispute arose, took place.

(2) The period of limitation in the case of any dispute other than those referred to in sub-section (1) which are required to be referred to the Registrar under Sec. 64 shall be regulated by the provisions of the Limitation Act. 1963 (36 of 1963), as if the dispute were a suit, and the registrar, a Civil Court.

(3) Notwithstanding anything contained in sub-sections (1) and (2), the Registrar may admit a dispute after the expiry of the period of limitation specified therein. if the applicant satisfies the Registrar that he had sufficient cause for not referring the dispute within such period.

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The Chits Funds Act,1982

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