Andhra Pradesh Chit Funds Act, 1971

{
    "id": 14386,
    "slug": "andhra-pradesh-chit-funds-act-1971",
    "title": "Andhra Pradesh Chit Funds Act, 1971",
    "short_title": "Andhra Pradesh Chit Funds Act, 1971",
    "act_number": "(Act No. 9 of 1971)",
    "act_year": 1971,
    "act_type": "STATE",
    "location": "Andhra Pradesh",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "Andhra Pradesh Chit Funds Act, 1971",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "1. Short title, extent and commencement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "2. Definitions.",
            "chapter": null,
            "content": "(1) \" approved bank\" means a bank approved by the Government;\n(2) \"chit\" means a transaction, whether called chit fund, chitty or by any other name, by which its foreman enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum of money or a certain quantity of grain or other commodity, by installments for a definite period and that each subscriber in his turn, as determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement, shall be entitled to a prize amount, whether payable in cash, kind or any other article of value.\n(a) some alone, not all, of the subscribers get the prize amount without any liability to pay further subscription ; or\n(b) all the subscribers get the prizes by turns with a liability to pay future subscriptions if the prize winner is not entitled to get the prize amount.\nIllustrations\nIllustrations\n(a) A starts a chit with 200 subscribers each of whom pays a monthly installment of Rs. 10 for 124 installments. One prize is drawn every month upto the fortieth installment and thereafter two prizes every month until all the sub-scribers get their prizes. Out of total monthly collection of Rs. 2,000, Rs. 200 is set apart for discount and the prize winner is paid Rs. 1,000. The foreman is allowed the use of the balance of Rs. 800 until the same is required for payment to the prize winners. The transaction is not a chit.\n(b) There are 100 subscribers to a chit and the subscription by each of them is Rs. 10. All the subscribers get by turns Rs. 1,000, being the whole of the chit amount and are liable to pay future subscriptions. The transaction is also not a chit.\n(3) \"chit agreement\" means a document containing the articles of agreement between the foreman and the subscribers relating to the chit and filed under Section 6;\n(4) \"chit amount\" means the sum total of the subscription payable by all the subscribers for any installment of a chit without any deduction for discount or otherwise;\n(5) \"defaulting subscriber\" means a subscriber who have defaulted in the payment of subscriptions due according to the terms of the chit agreement;\n(6) \"discount\" means the sum of money or the quantity of grain or other commodity, which a prized subscriber has under the terms of the chit agreement to fore go and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or both;\n(7) \"dividend\" means the share of a subscriber in the discount avail able under the chit agreement for rateable distribution among the subscribers at each installment of the chit;\n(8) \"drawing\" means ascertaining of the person or persons entitled to the prize amount at any installment of a chit;\n(9) \"firm\" means a firm registered under the Indian Partnership Act, 1932;\n(10) \"foreman\" means the person who under the chit agreement is responsible for the conduct of the chit and includes any other person discharging the functions of the foreman under Section 30;\n(11) \"Government\" means the State Government;\n(12) \"non-prized subscriber\" does not include a defaulting subscriber;\n(13) \"notification\" means a notification published in the Andhra Pradesh Gazette ;\n(14) \"prescribed\" means prescribed by rules made under this Act;\n(15) \"prize amount\" means the difference between chit amount and the discount, and, in the case of a fraction of a ticket means the difference between the chit amount and the discount proportionate to the fraction of the ticket; and when the prize amount is payable otherwise than in cash the value of the prize amount shall be the value at the time it becomes payable\n(16) \"prized subscriber\" means a subscriber who has either received or entitled to the prized amount;\n(17) \"Registrar\" means a Registrar appointed under sub-section (I) of Section 51 ;\n(18) \"subscriber\" includes a person who holds a traction of a ticket and also a transferee of a ticket or a fraction thereof by assignment in writing or by operation of law.\n(19) \"ticket\" means the share of a subscriber in a chit and the expression \"fraction of ticket\" shall be construed accordingly.\nChapter II\nConstitution and Registration",
            "footnote": "",
            "is_definition": true,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Registration of bye-laws.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Prohibition of invitation for subscription to chit of which bye laws have not been registered.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Form of chit agreement.",
            "chapter": null,
            "content": "(1) the full name and the permanent residential address of every sub-scriber ;\n(2) the ticket held by each subscriber ;\n(3) the number of installment and the amount payable in respect of each ticket for each installment;\n(4) the dates of commencement and termination of the chit;\n(5) the mode of ascertaining the prized subscriber;\n(6) the amount of discount which the prized subscriber at any installment has to fore go;\n(7) the mode and proportion in which the discount is distributable by way of dividend, foreman's commission or remuneration and other expenses, if any ;\n(8) the date, time and place at which the chit is to be drawn;\n(9) if under the chit agreement the foreman is entitled to the chit amount, the installment at which the foreman is to get the chit amount;\n(10) the approved bank in which chit moneys shall be deposited by the foreman under the provisions of this Act;\n(11) the manner in which a chit shall be continued, where a foreman who is an individual dies or becomes of unsound mind or is otherwise incapacitated; and\n(12) any other particular which may be prescribed.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "6",
            "title": "6. Filing of chit agreement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "7",
            "title": "7. Commencement of chit business.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "8",
            "title": "8. Copies of bye-laws and chit agreement to be given to subscribers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "9",
            "title": "9. Alteration etc., of chit agreement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        },
        {
            "number": "10",
            "title": "10. Minutes of proceedings.",
            "chapter": null,
            "content": "(i) the date and hour when the proceedings began and ended and the place where, the drawing was held;\n(ii) the number of the particular installment of the chit of which proceedings are recorded ;\n(iii) the names of the subscribers present :\n(iv) the person or persons who become entitled to the prize amount in the particular installment ;\n(v) the amount of discount ;\n(vi) full particulars regarding the disposal of the prize amount in respect of the preceding installment and disposal of unpaid prize amount, if any, in respect of any previous installment ; and\n(vii) any other particular which may be prescribed.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 9
        },
        {
            "number": "11",
            "title": "11. Copy of minutes to be filed with the Registrar.",
            "chapter": null,
            "content": "Chapter III\nForeman",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "12",
            "title": "12. Security to be given by the foreman.",
            "chapter": null,
            "content": "(a) execute an indenture of mortgage and trust in favour of the Registrar as trustee charging by way of security property sufficient to the satisfaction of the Registrar for the realisation of the chit amount; or\n(b) (i) deposit in any approved bank an amount not less than half of the chit amount ; or\n(ii) invest in Government securities of the face value or market value, whichever is less, of not less than half the chit amount, and transfer the amount so deposited or the Government securities in favour of the Registrar to be held in by him trust as security ;\n(i) until the chit is terminated and the claims of all the subscribers are fully satisfied ;\n(ii) until all dues payable by the foreman under this Act to the Registrar or any other officer have been paid;\n(iii) Where owing to the default of the prized subscriber the prize amount due remains unpaid even after the termination of a chit, until the fore-man deposits the prize amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 11
        },
        {
            "number": "13",
            "title": "13. Rights of the foreman.",
            "chapter": null,
            "content": "(a) in the absence of any provision in the chit agreement to the contrary, to obtain, the chit amount at the installment specified in the chit agreement;\n(b) to such commission or remuneration not exceeding five per centum of the chit amount as may be fixed in the chit agreement ;\n(c) to receive and realize all subscriptions from the subscribers and to distribute the prize amounts to the prized subscribers and the dividend among the subscribers;\n(d) to demand sufficient security from any prized subscriber for the due payment of future subscriptions ;\n(e) to substitute subscribers in the place of defaulting subscribers ; and\n(f) to do all other acts that may be necessary for the due and proper conduct of the chit.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 12
        },
        {
            "number": "14",
            "title": "14. Duties of the foreman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 13
        },
        {
            "number": "15",
            "title": "15. Registers and books of account.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 14
        },
        {
            "number": "16",
            "title": "16. Balance sheet.",
            "chapter": null,
            "content": "(a) contain a summary of the assets and liabilities of the chit, and\n(b) give such particulars as will disclose the nature of the assets and liabilities and how the value of the assets has been arrived at.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 15
        },
        {
            "number": "17",
            "title": "17. Liability of the foreman to the subscribers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 16
        },
        {
            "number": "18",
            "title": "18. Withdrawal of a foreman.",
            "chapter": null,
            "content": "Chapter IV\nNon-Prized Subscribers",
            "footnote": "",
            "is_definition": false,
            "sort_order": 17
        },
        {
            "number": "19",
            "title": "19. Non -prized subscriber to pay subscription and get receipt.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 18
        },
        {
            "number": "20",
            "title": "20. Removal of defaulting subscribers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 19
        },
        {
            "number": "21",
            "title": "21. Substitution of subscribers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "22",
            "title": "22. Amount due to defaulting subscriber how dealt with.",
            "chapter": null,
            "content": "Chapter V\nPrized Subscriber",
            "footnote": "",
            "is_definition": false,
            "sort_order": 21
        },
        {
            "number": "23",
            "title": "23. Prized subscriber to give security.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 22
        },
        {
            "number": "24",
            "title": "24. Prized subscriber to pay the subscription regularly.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 23
        },
        {
            "number": "25",
            "title": "25. Foreman to demand future subscriptions by written note.",
            "chapter": null,
            "content": "Chapter VI\nTransfer",
            "footnote": "",
            "is_definition": false,
            "sort_order": 24
        },
        {
            "number": "26",
            "title": "26. Restrictions on transfer of rights of foreman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 25
        },
        {
            "number": "27",
            "title": "27. Transfer of non-prized subscriber's rights to be in writing.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 26
        },
        {
            "number": "28",
            "title": "28. Recognition of transfer by the foreman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 27
        },
        {
            "number": "29",
            "title": "29. Entry of transferee's name in the books.",
            "chapter": null,
            "content": "Chapter VII\nTermination of Chits",
            "footnote": "",
            "is_definition": false,
            "sort_order": 28
        },
        {
            "number": "30",
            "title": "30. Provisions for continuation of chits in certain cases.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 29
        },
        {
            "number": "31",
            "title": "31. Termination of chit.",
            "chapter": null,
            "content": "(a) when the period fixed in the chit agreement has expired provided payment of dues to all the subscribers has been completed ; or\n(b) when all the non-prized and unpaid prized subscribers consent in writing to the termination of the chit and a copy of such consent is filed as required by Section 32 ; or\n(c) when a foreman, who is an individual, dies or becomes of un-sound mind or is otherwise incapacitated and the chit is not continued in accordance with the provision of the chit agreement :",
            "footnote": "",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "32",
            "title": "32. Copy of assent or consent to be filed with the Registrar.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 31
        },
        {
            "number": "33",
            "title": "33. Refund of non-prized subscribers' contribution.",
            "chapter": null,
            "content": "(a) every non-prized subscriber shall, unless otherwise provided for in the chit agreement, be entitled to get back his contribution at the termination of the chit without deduction for dividend, if any, received by him.\n(b) if the chit terminates on a date earlier than the date originally fixed in the chit agreement, the non-prized subscriber's claim shall be deemed to have arisen on the date on which he has notice thereof.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 32
        },
        {
            "number": "34",
            "title": "34. Subscriber's dues to be first charge on chit assets.",
            "chapter": null,
            "content": "Chapter VIII\nInspection of Documents",
            "footnote": "",
            "is_definition": false,
            "sort_order": 33
        },
        {
            "number": "35",
            "title": "35. Foreman to allow subscriber to examine chit records.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 34
        },
        {
            "number": "36",
            "title": "36. Preservation of chit records by foreman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 35
        },
        {
            "number": "37",
            "title": "37. Inspection of chit books and records.",
            "chapter": null,
            "content": "Chapter IX\nWinding Up of Chits",
            "footnote": "",
            "is_definition": false,
            "sort_order": 36
        },
        {
            "number": "38",
            "title": "38. When chit may be wound up.",
            "chapter": null,
            "content": "(a) if the chit has terminated under clause (c) of Section 31 ;\n(b) if the foreman fails to give the security specified in Section 12 or if he commits any such act in respect thereto as is calculated to impair materially the nature of the security or the value thereof, or\n(c) if he fails to deposit the chit moneys in accordance with the provisions of this Act, or\n(d) if it is proved to the satisfaction of the court that the foreman is unable to pay the amounts due to the subscriber, or\n(e) if execution or other process issued on a decree or order of any court in favour of any subscriber in respect of amounts due to him from the chit is returned unsatisfied in whole or in part, or\n(f) if it is proved that there has been fraud or collusion on the part of the foreman in the matter of taking securities from prized subscriber, or\n(g) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions, or\n(h) if it is just and equitable that the chit should be wound up.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 37
        },
        {
            "number": "39",
            "title": "39. Application for winding up.",
            "chapter": null,
            "content": "(a) by those non-prized subscribers and those unpaid prized sub-scribers whose subscriptions to the chit funds in the aggregate be at least twenty- five percent of the amount contributed by the non-prized subscribers and un-paid prized subscribers : or\n(b) with the previous sanction of the Government.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 38
        },
        {
            "number": "40",
            "title": "40. Insolvency or liquidation a bar to winding up proceedings.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 39
        },
        {
            "number": "41",
            "title": "41. Commencement and effect of winding up order.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 40
        },
        {
            "number": "42",
            "title": "42. Injunction order.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 41
        },
        {
            "number": "43",
            "title": "43. Powers of Court on hearing the application.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 42
        },
        {
            "number": "44",
            "title": "44. Chit assets to vest in Court for distribution.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 43
        },
        {
            "number": "45",
            "title": "45. Suits stayed on winding up orders.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 44
        },
        {
            "number": "46",
            "title": "46. Copy of winding up order to be filed with the Registrar.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 45
        },
        {
            "number": "47",
            "title": "47. Stay of winding up proceedings on insolvency of foreman and transfer of insolvency proceedings.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 46
        },
        {
            "number": "48",
            "title": "48. Compensation for frivolous or vexatious application.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 47
        },
        {
            "number": "49",
            "title": "49. Right of appeal.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 48
        },
        {
            "number": "50",
            "title": "50. Limitation.",
            "chapter": null,
            "content": "Chapter X\nOfficer, Inspection and Fees",
            "footnote": "",
            "is_definition": false,
            "sort_order": 49
        },
        {
            "number": "51",
            "title": "51. Appointment of director of chits, Inspecting officer, Registrars and chit Auditors.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 50
        },
        {
            "number": "52",
            "title": "52. Inspection of documents in the Registrar's Office.",
            "chapter": null,
            "content": "(i) inspect the documents kept by the Registrar; and\n(ii) obtain in a copy or extract of any document to be certified by the Registrar.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 51
        },
        {
            "number": "53",
            "title": "53. Levy of Fees.",
            "chapter": null,
            "content": "(a) the registration of the bye-laws of a chit under Section 3;\n(b) the grant of a certificate of commencement under Section 7;\n(c) filing with the Registrar of the Chit agreement and copies of documents under Section 11, 20,21,29 and 32;\n(d) the audit of the accounts of the foreman and the issue of an audit certificate under section 51;\n(e) the inspection of documents under Section 52;\n(f) the certified copy or extract of document under section 52;\n(g) such other matters as may appear to give effect to the purposes of this Act.\nChapter XI\nMiscellaneous",
            "footnote": "",
            "is_definition": false,
            "sort_order": 52
        },
        {
            "number": "54",
            "title": "54. Appeals.",
            "chapter": null,
            "content": "(a) refusing to issue a certificate of registration of the bye-laws of chit under section 3;\n(b) refusing to grant a certificate of commencement under sub-section (2) of Section 7;\n(c) refusing to accept the security under clause (a) of sub-section (1) of section 12 or under Section 23 ;or\n(d) refusing to release the property charged by way of security or to order the release of the cash security of the Government securities under sub-section (4) or sub-section (5) of Section 12;",
            "footnote": "",
            "is_definition": false,
            "sort_order": 53
        },
        {
            "number": "55",
            "title": "55. Power of Registrar to condone delay in certain cases.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 54
        },
        {
            "number": "56",
            "title": "56. Penalties.",
            "chapter": null,
            "content": "(a) who does not file the chit agreement under Section 6 or a copy of any document under section 11, sub-section 2 of Section 20, sub-section (2) of Section 21, Section 29 or Section 32 within the period specified for such filing or within the further time allowed under Section 55 for such filing ; or\n(b) who contravenes any of the provisions of Section 8, sub-section (1), (2) and (6) of Section 12, Section 14, Section 15, Section 16, Section 18, Section 20, Section 21, Section 23, sub-section (4) of Section 25, Section 29, Section 35, Section 36, Section 37 and sub-section (4) of Section 51 ; or\n(c) who fails to comply with the requirements of the chit agreement regarding the date, time and place at which the chit is to be drawn ; shall be punishable with fine which may extend to one hundred rupees.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 55
        },
        {
            "number": "57",
            "title": "57. Cognizance of offences.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 56
        },
        {
            "number": "58",
            "title": "58. Application of fines.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 57
        },
        {
            "number": "59",
            "title": "59. Power to enter and search any place and to seize documents, etc.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 58
        },
        {
            "number": "60",
            "title": "60. Payment to be evidenced by documents.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 59
        },
        {
            "number": "61",
            "title": "61. Interest at more than twelve percent not be allowed.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 60
        },
        {
            "number": "62",
            "title": "62. Power of court to grant relief in certain cases.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 61
        },
        {
            "number": "63",
            "title": "63. Power to make rules.",
            "chapter": null,
            "content": "(a) all matters expressly required or allowed by this Act to be prescribed.\n(b) The matter in respect of which provision shall be made in the bye- laws of a chit and the procedure to be followed in making, registering, altering and abrogation;\n(c) The particulars which every chit agreement shall contain;\n(d) the method of valuation of grain or other commodity by the Registrar in a grain chit, for the purposes of security under section 12;\n(e) the restrictions and conditions subject to which and the manner in which , any security given by a foreman under Section 12 may be changed or substituted;\n(f) the procedure to be followed by the Registrar for the release of security given by the foreman under section 12;\n(g) the maintenance of registers and books of accounts by the foreman, the safe custody of books, papers and documents in the Registrar's office and also for the destruction of such books, papers and documents as need no longer be kept;\n(h) the procedure to be followed for the winding up a chit under Chapter IX ; and\n(i) the auditing of the balance sheets and profit and loss accounts and the issue of audit certificates.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 62
        },
        {
            "number": "64",
            "title": "64. Recovery of amounts due from a foreman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 63
        },
        {
            "number": "65",
            "title": "65. Act not apply to certain Chits.",
            "chapter": null,
            "content": "(1) any chit started and conducted before the commencement of this Act, or\n(2) any chit the chit amount of which or where two or more chits are started or conducted simultaneously by the same foreman, the aggregate chit amount of which does not exceed one hundred rupees.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 64
        },
        {
            "number": "66",
            "title": "66. Power to exempt.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 65
        },
        {
            "number": "67",
            "title": "67. Amendment of Central Act 2 of 1899.",
            "chapter": null,
            "content": "(1)\n(2)\n\"18-A. Chit agreement that is to say an\n\t\t\t\tagreement, relating to a chit as defined in clause (2) of section\n\t\t\t\t2 of the Andhra Pradesh Chit Funds Act 1971 if, either such\n\t\t\t\tagreement is executed or the chit is conducted in the State of\n\t\t\t\tAndhra Pradesh.\nOne rupee\"",
            "footnote": "",
            "is_definition": false,
            "sort_order": 66
        }
    ],
    "metadata": {
        "Act ID": "Last Updated 30th January, 2020 [ap705]",
        "Act Number": "(Act No. 9 of 1971)",
        "Enactment Date": "",
        "Act Year": "1971",
        "Short Title": "Andhra Pradesh Chit Funds Act, 1971",
        "Type": "STATE",
        "Location": "Andhra Pradesh"
    },
    "updated_at": "2026-09-29 21:55:18"
}