State Act

THE UTTAR PRADESH CHIT FUND ACT, 1975

This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.

11. (1) The proceedings of every draw shall be recorded in a book to be kept for that purpose and shall be signed by the foreman and all the subscribers present. It shall also be signed by the prized subscriber or his authorised agent. (2) Such record of the proceedings shall state clearly- (a) the date and hour when the proceedings began and' ended' and the place where the drawing was held; (b) the number of the particular instalment of the chit of which proceedings are recorded; (c) the names of the subscribers present; (d) the person or persons who become entitled to the prize amount in the particular instalment; (e) the amount of discount; (f) full particulars regarding the disposal of the prize amount in respect of the preceding instalment and disposal of unpaid prize amount, if any, in respect of any previous instalment; and (g) such other particulars as may be prescribed.