State Act
46
Section 46. Chit assets to vest in prescri-bed authority or court for distribution
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This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
46. On the making of an order for the winding up of a chit, the entire chit assets shall vest in the prescribed authority or court, as the case may be, for distribution amongst the subscribers to whom amounts are due in respect of the chit and such prescribed authority or court shall appoint a Receiver and pass such other orders in the matter as it deems fit.