State Act
32
Section 32. Provisions for continuation of chits in certain cases
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This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
32. (1) Where the foreman who is an individual dies or becomes of unsound mind or is otherwise incapacitated. the chit may be continued in accordance with the provisions of the chit agreement where the agreement so provides. (2) In the case of a foreman which is a firm if a partner dies, becomes of unsound mind or is otherwise incapacitated the chit shall not be deemed to have terminated and the surviving partner or partners shall conduct the chitin the absence of any provisions to the contrary in the chit agreement.