State Act
13
Section 13. Value of chits
THE UTTAR PRADESH CHIT FUND ACT, 1975
Act no. 53 of 19751975RepealedUttarakhand (State Act)
This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
13. No foreman shall conduct at a time any chits the aggregate amount of which exceeds fifty per cent of the net assets of the foreman. Explanation- In determining the net assets of a foreman for the purpose of this section the amount of security furnished by him shall be excluded if such amount is the amount of subscription received in advance from the subscribers.