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Chit Funds (Bihar) Rules, 1987
Chit Funds (Bihar) Rules, 1987
Sections
1. Short title and commencement.
Section 12. Definitions.
Section 23. Application for obtaining prior sanction for commencement or conduct of chit.
Section 34. Communication of the refusal to sanction, commencement or conduct of a chit.
Section 45. Application for registration of chit.
Section 56. Endorsement of registration of a chit.
Section 67. Registration number of chit.
Section 78. Communication of the refused to register a chit.
Section 89. Application for appropriation of any sum from the reserve funds.
Section 910. Declaration to be filed about subscriptions to all tickets of a chit.
Section 1011. Form of certificate of commencement of chit.
Section 1112. Form of certificate about furnishing a copy of the chit agreement to the subscribers of a chit.
Section 1213. Form of chit agreement.
Section 1314. Registration of alteration, addition or omission of chit agreement.
Section 1415. Date of effect of alteration or addition or omission of any provision in the chit agreement.
Section 1516. Form of Notice to chit subscriber.
Section 1617. Form of minutes of proceedings.
Section 1718. Procedure in the case of security given by the foreman.
Section 1819. Valuation of chit amount in grain chits.
Section 1920. Substitution of security.
Section 2021. Procedure for accepting fresh security.
Section 2122. Application for release of security.
Section 2223. Declaration by foreman.
Section 2324. Procedure for release of security.
Section 2425. Books of accounts to be maintained by the foreman.
Section 2526. Accounts to be written up promptly.
Section 2627. Filing of vouchers.
Section 2728. Date for submission of balance-sheet.
Section 2829. Audit by a chit auditor.
Section 2930. Audit certificate and report of the chit auditor to be in quadruplicate.
Section 3031. Time for filing balance-sheets audited by a chit auditor or other auditors.
Section 3132. Form of petition for winding up and presentation.
Section 3233. Proposal for collection and distribution of chit assets.
Section 3334. Set-off to be allowed.
Section 3435. Hearing of objections to the Provisional Statement.
Section 3536. Final orders of settlement by Registrar.
Section 3637. Provision for expenses of winding up.
Section 3738. Filling of final accounts by Receiver.
Section 3839. Final order of winding up by the Registrar.
Section 3940. Disposal of records.
Section 4041. Meetings.
Section 4142. Table of fees.
Section 4243. Receipt for fees.
Section 4344. Refund of fees.
Section 4446. Registrar's satisfaction regarding existence of a dispute.
Section 4647. Disposal of a dispute or reference to a nominee.
Section 4748. Qualification for appointment as Registrar's nominees.
Section 4849. Procedure for hearing and decision of dispute.
Section 4950. Summons, notice and fixing of dates place etc. in connection with the disputes.
Section 5051. Investigation of claims and objections against any attachment.
Section 5152. Procedure for the custody of property attached under Section 68.
Section 6853. Procedure for attachment and sale of property for realization of any security given by person in course of execution proceedings.
Section 5354. Issue of proclamation prohibiting private transfer of property.
Section 5455. Procedure for executions of awards.
Section 5556. Transfer of property which cannot be sold.
Section 5657. Payment of fees for decisions of disputes.
Section 5758. Appeal to be in writing.
Section 5859. Hearing and disposal of the appeal.
Section 5960. Period of retention of records by the Registrar.
Section 6061. Register of records kept.
Section 6162. Compounding of offences arising under the Act.
Section 62
chit-funds-bihar-rules-1987.json
•
61 Sections
•
Bihar
{
"id": 15558,
"slug": "chit-funds-bihar-rules-1987",
"title": "Chit Funds (Bihar) Rules, 1987",
"short_title": "Chit Funds (Bihar) Rules, 1987",
"act_number": "Published vide Notification No. N.S. 10 (Ch.) 03/8",
"act_year": 1987,
"act_type": "STATE",
"location": "Bihar",
"law_status": "unknown",
"enactment_date": null,
"description": "Chit Funds (Bihar) Rules, 1987",
"preamble": "",
"section_label": "Section",
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{
"number": "1",
"title": "1. Short title and commencement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 0
},
{
"number": "2",
"title": "2. Definitions.",
"chapter": null,
"content": "(a) \"Act\" means the Chit Funds Act, 1982 (Central Act 40 of 1982);\n(b) \"Appendix\" means Appendix-I or as the case may be Appendix-II to these rules;\n(c) \"Authorised agent\" means a person duly authorised by a power of attorney executed and authenticated in the manner specified in section 33 of the Indian Registration Act, 1908 (Central Act XVI of 1908) or a person authorised by a letter of authorisation specified in Form-XX by the person concerned;\n(d) \"Form\" means a form in Appendix-I to these Rules;\n(e) \"Section\" means a section of the Act;\n(f) Words and expressions used in these rules but not defined therein shall have the same meanings respectively assigned to them in the Act.\nChapter II\nRegistration",
"footnote": "",
"is_definition": true,
"sort_order": 1
},
{
"number": "3",
"title": "3. Application for obtaining prior sanction for commencement or conduct of chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 2
},
{
"number": "4",
"title": "4. Communication of the refusal to sanction, commencement or conduct of a chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 3
},
{
"number": "5",
"title": "5. Application for registration of chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 4
},
{
"number": "6",
"title": "6. Endorsement of registration of a chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 5
},
{
"number": "7",
"title": "7. Registration number of chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 6
},
{
"number": "8",
"title": "8. Communication of the refused to register a chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 7
},
{
"number": "9",
"title": "9. Application for appropriation of any sum from the reserve funds.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 8
},
{
"number": "10",
"title": "10. Declaration to be filed about subscriptions to all tickets of a chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 9
},
{
"number": "11",
"title": "11. Form of certificate of commencement of chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 10
},
{
"number": "12",
"title": "12. Form of certificate about furnishing a copy of the chit agreement to the subscribers of a chit.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 11
},
{
"number": "13",
"title": "13. Form of chit agreement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 12
},
{
"number": "14",
"title": "14. Registration of alteration, addition or omission of chit agreement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 13
},
{
"number": "15",
"title": "15. Date of effect of alteration or addition or omission of any provision in the chit agreement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 14
},
{
"number": "16",
"title": "16. Form of Notice to chit subscriber.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 15
},
{
"number": "17",
"title": "17. Form of minutes of proceedings.",
"chapter": null,
"content": "(a) Particulars of deposit, if any, of the prize amount under sub-section (1) and (2) of Section 22 since the date of the previous draw.\n(b) Particulars of deposit, if any, of money under sub-section (1) of Section 30 and sub-section (4) of Section 33 since the date of the previous draw.\n(c) Amount withdrawn from the approved bank (the name of the bank to be specified) and the purpose for which the amount was withdrawn since the date of the previous draw.\n(d) How the prized subscriber was ascertained according to the terms of the chit agreement and particulars of tickets and the prize amount. If the ascertainment of the prized subscriber related to a fraction of a ticket, particulars in respect of each such fraction shall be entered.\n(e) Full particulars of the commission paid to the foreman and the amount of dividend assigned to each subscriber.\n(f) Names of subscribers or their authorised agents who bids the drawing, their ticket numbers and signatures.\nChapter III\nForeman",
"footnote": "",
"is_definition": false,
"sort_order": 16
},
{
"number": "18",
"title": "18. Procedure in the case of security given by the foreman.",
"chapter": null,
"content": "(i) where the security is other than immovable property the value of the security shall not be less than one and half times the value of the chit amount; and\n(ii) in respect of security of immovable property, the value of the security shall not be less than two times the value of the chit amount.",
"footnote": "",
"is_definition": false,
"sort_order": 17
},
{
"number": "19",
"title": "19. Valuation of chit amount in grain chits.",
"chapter": null,
"content": "(a) The total quantity of grain due from all subscribers at once instalment of the chit shall be ascertained.\n(b) The market value for the time being of the total quantity referred to in clause (a) shall then be calculated.\n(c) In assessing the market value, the Registrar shall adopt the current market prices at the nearest taluka town ascertained from the Taheshildar having jurisdiction.\n(d) Once and quarter times the market value mentioned in clause (b) shall be taken to be the chit amount for the purpose of furnishing security by the foreman under sub-section (1) of Section 20.",
"footnote": "",
"is_definition": false,
"sort_order": 18
},
{
"number": "20",
"title": "20. Substitution of security.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 19
},
{
"number": "21",
"title": "21. Procedure for accepting fresh security.",
"chapter": null,
"content": "(ii) If the original security to be returned is, Government securities deposited in a Government Treasury, the Registrar shall arrange to return the securities offered by the foreman after making endorsement of re-transfer in the pass book (receipt or Government security or other recorded as the case may be post original security at the cost of the foreman.\n(iii) If the original security to be returned is movable property other than Government security, the Registrar shall arrange to return such security by executing such deed or making such endorsement as may be necessary for an effective re-transfer in favour of the foreman.",
"footnote": "",
"is_definition": false,
"sort_order": 20
},
{
"number": "22",
"title": "22. Application for release of security.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 21
},
{
"number": "23",
"title": "23. Declaration by foreman.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 22
},
{
"number": "24",
"title": "24. Procedure for release of security.",
"chapter": null,
"content": "(b) If no objections are received within the period specified in the notice, the Registrar shall release the security.",
"footnote": "",
"is_definition": false,
"sort_order": 23
},
{
"number": "25",
"title": "25. Books of accounts to be maintained by the foreman.",
"chapter": null,
"content": "(1) A register of subscribers in Form XIII.\n(2) A ledger in Form XIV.\n(3) A day book in Form XV.\n(4) A receipt book in Form XVI duly certified by the foreman as to the number or pages in duplicate.\n(5) A book containing copies of all notices issued by the foreman to the subscribers.\n(6) A file containing the letters of authorisation of the subscriber for subscribing his name in the chit agreements and for participating in the auction of the chit.\n(7) A file containing the vouchers for payment made by the foreman.\n(8) A file containing documents relating to securities offered by the prized subscribers.",
"footnote": "",
"is_definition": false,
"sort_order": 24
},
{
"number": "26",
"title": "26. Accounts to be written up promptly.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 25
},
{
"number": "27",
"title": "27. Filing of vouchers.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 26
},
{
"number": "28",
"title": "28. Date for submission of balance-sheet.",
"chapter": null,
"content": "28A.",
"footnote": "",
"is_definition": false,
"sort_order": 27
},
{
"number": "29",
"title": "29. Audit by a chit auditor.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 28
},
{
"number": "30",
"title": "30. Audit certificate and report of the chit auditor to be in quadruplicate.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 29
},
{
"number": "31",
"title": "31. Time for filing balance-sheets audited by a chit auditor or other auditors.",
"chapter": null,
"content": "Chapter IV\nWinding up of chits",
"footnote": "",
"is_definition": false,
"sort_order": 30
},
{
"number": "32",
"title": "32. Form of petition for winding up and presentation.",
"chapter": null,
"content": "(1) Full name, description, occupation and address of the petitioner.\n(2) Address of his advocate, if any, for the service of all notice, process etc.\n(3) Address of the foreman.\n(4) Particulars of the chit-\n(i) Number and date of registration of the chit agreement;\n(ii) Office where the chit agreement was registered;\n(iii) The chit amount;\n(iv) The total number of tickets;\n(v) The number of non-prized subscriber on the date of the petition;\n(vi) The number of unpaid prized subscribers if any;\n(vii) The number of subscribers and the number of tickets subscribed by each subscriber.\n(5) Facts on which the petitioner relies in support of the petition.\n(6) Particulars relating to the award and execution of other process which has been returned unsatisfied in whole or in part, if the ground of the petition is that execution of their process issued on an or order of the Registrar in favour of any subscriber in respect of the amounts due to him from the foreman was returned unsatisfied in whole or in part.\n(7) Full details to show that the condition prescribed in clause (a) of the proviso to Section 49 is satisfied if the winding up of the chit is applied for under clause (b) of Section 48 and if the said clause (a) applies.\n(8) Whether the previous sanction of the State Government has been obtained, if clause (b) of the proviso to Section 49 applies. (A copy of the relevant order of the State Government shall be attached).",
"footnote": "",
"is_definition": false,
"sort_order": 31
},
{
"number": "33",
"title": "33. Proposal for collection and distribution of chit assets.",
"chapter": null,
"content": "(a) The name of subscribers and other persons from whom moneys are due to the chits;\n(b) The names of the subscribers and other persons to whom money are due from the chit;\n(c) Proposal as to how the chit assets are to be collected and applied in the discharge of its liabilities; and\n(d) The amount proposed to be paid to each of the persons specified in clause (b).\n(i) To submit his statement of objections and the grounds therefore supported by an affidavit before the date appointed by the Registrar in this behalf; and\n(ii) To appear in person or by advocate on the date of hearing with all the evidence in support of his objections.",
"footnote": "",
"is_definition": false,
"sort_order": 32
},
{
"number": "34",
"title": "34. Set-off to be allowed.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 33
},
{
"number": "35",
"title": "35. Hearing of objections to the Provisional Statement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 34
},
{
"number": "36",
"title": "36. Final orders of settlement by Registrar.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 35
},
{
"number": "37",
"title": "37. Provision for expenses of winding up.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 36
},
{
"number": "38",
"title": "38. Filling of final accounts by Receiver.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 37
},
{
"number": "39",
"title": "39. Final order of winding up by the Registrar.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 38
},
{
"number": "40",
"title": "40. Disposal of records.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 39
},
{
"number": "41",
"title": "41. Meetings.",
"chapter": null,
"content": "Chapter V\nFees",
"footnote": "",
"is_definition": false,
"sort_order": 40
},
{
"number": "42",
"title": "42. Table of fees.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 41
},
{
"number": "43",
"title": "43. Receipt for fees.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 42
},
{
"number": "44",
"title": "44. Refund of fees.",
"chapter": null,
"content": "Chapter VI\nReference of Dispute\n45.",
"footnote": "",
"is_definition": false,
"sort_order": 43
},
{
"number": "46",
"title": "46. Registrar's satisfaction regarding existence of a dispute.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 44
},
{
"number": "47",
"title": "47. Disposal of a dispute or reference to a nominee.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 45
},
{
"number": "48",
"title": "48. Qualification for appointment as Registrar's nominees.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 46
},
{
"number": "49",
"title": "49. Procedure for hearing and decision of dispute.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 47
},
{
"number": "50",
"title": "50. Summons, notice and fixing of dates place etc. in connection with the disputes.",
"chapter": null,
"content": "(i) the attendance of the parties to the dispute and of witnesses if any, and\n(ii) the production of all books and documents relating to the matter in dispute.",
"footnote": "",
"is_definition": false,
"sort_order": 48
},
{
"number": "51",
"title": "51. Investigation of claims and objections against any attachment.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 49
},
{
"number": "68",
"title": "52. Procedure for the custody of property attached under Section 68.",
"chapter": null,
"content": "(ii) The order shall be proclaimed at some place on, or adjacent to, such property by beat of drums or other customary mode, and a copy of the order shall be fixed on a conspicuous part of the property and upon a conspicuous part of village chavdi and where the property is land paying revenue to the State Government and also in the office of the Collector of the district and in the office of the Mamlatdar or Mahalkar or Tahsildar or any other revenue officer within whose jurisdiction the property is situated.",
"footnote": "",
"is_definition": false,
"sort_order": 50
},
{
"number": "53",
"title": "53. Procedure for attachment and sale of property for realization of any security given by person in course of execution proceedings.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 51
},
{
"number": "54",
"title": "54. Issue of proclamation prohibiting private transfer of property.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 52
},
{
"number": "55",
"title": "55. Procedure for executions of awards.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 53
},
{
"number": "56",
"title": "56. Transfer of property which cannot be sold.",
"chapter": null,
"content": "(i) In the case of moveable property-\n(a) Where the property is in the possession of the defaulter himself or has been taken possession of or behalf of the court on the Collector or the Registrar, it shall be delivered to the judgment creditor.\n(b) Where the property is in the possession of some person on behalf of a defaulter, the delivery thereof shall be made by giving notice to the person in possession to the directing him to give actual peaceful possession to the judgment creditor and prohibiting him from delivering possession of the property to any other person.\n(c) The property shall be delivered to a person authorised by the party to take possession on behalf of the judgment creditor.\n(ii) In the case of immovable property-\n(a) Where the property is growing or standing crop, it may be delivered to the judgment creditor before it is cut and gathered and the judgment creditor shall be entitled to enter on the land to do all that is necessary for the purpose of ending and cutting and gathering it.\n(b) Where the property is in the possession of the defaulter of some person on his behalf or some person claiming under a title created by the defaulter subsequent to the issue of certificate under Section 71, the Court or the Collector or Registrar, as the case may be, shall order delivery to be made by putting the judgment creditor or any person whom he may appoint to receive delivery on his behalf in actual possession of the property and if need be, by removing any person who illegally refuses to vacate the same.\n(c) Where the property is in the possession of a tenant or other person entitled to hold the same by a title acquired before the date of issue of a certificate under Section 71 the Court of the Collector or the Registrar as the case may be shall order delivery to be made by affixing a copy of the certificate of transfer of the property to the judgment creditor in some conspicuous place on the property and proclaiming to such person by beat of drum or other customary mode at some convenient place that the interest of the defaulter has been transferred to the judgment creditor.",
"footnote": "",
"is_definition": false,
"sort_order": 54
},
{
"number": "57",
"title": "57. Payment of fees for decisions of disputes.",
"chapter": null,
"content": "Proper court fee\nRs.\n(i)\nSimple money claims-\n(a)\nWhen the amount of the claim in dispute does not exceed Rs.\n\t\t\t\t1,000.\n25.00\n(b)\nWhen such amount exceeds Rs. 1,000, but does not exceed Rs.\n\t\t\t\t5,000.\n50.00\n(c)\nWhen such amount exceeds Rs. 5,000\n75.00\n(ii)\nComplicated money claims-\n(a)\nWhen the amount of the claim in dispute does not exceed Rs.\n\t\t\t\t1,000.\n50.00\n(b)\nWhen such amount exceeds Rs. 1,000 but does not exceed Rs.\n\t\t\t\t5,000.\n75.00\n(c)\nWhen such amount exceeds Rs. 5,000.\n100.00\n(iii)\nAll other disputes\n100.00\nProper court fee\nRs.\n(i)\nVakalatnama\n2.00\n(ii)\nApplication for adjournment\n10.00\n(iii)\nApplication for interim stay or relief\n25.00\n(b) The Registrar or his nominee shall have power to order the fees and expenses of determining the dispute to be paid by the foreman out of his funds or by such party, or parties to the dispute, as he may think fit, according to the scale laid down by the Registrar, after taking into account the amount deposited as above.\n(c) The Registrar may by general or special order specify the scale of fees and expenses to be paid him or his nominee.\nChapter VII\nMiscellaneous",
"footnote": "",
"is_definition": false,
"sort_order": 55
},
{
"number": "58",
"title": "58. Appeal to be in writing.",
"chapter": null,
"content": "(a) specify the name and address of the appellant as well as the respondent;\n(b) state by whom the order appealed against was made;\n(c) set forth concisely under distinct heads the grounds of objections to the order appealed against with a memorandum of evidence;\n(d) state precisely the relief which the appellant claims; and\n(e) give the date of the order appealed against.",
"footnote": "",
"is_definition": false,
"sort_order": 56
},
{
"number": "59",
"title": "59. Hearing and disposal of the appeal.",
"chapter": null,
"content": "(a) the appeal memorandum is affixed with court fee stamps of the value specified in rule 58(2);\n(b) the person presenting the appeal has the locus standi to do so;\n(c) it is made within the specified time limit; and\n(d) it conforms to all the provisions of the Act and those rules.",
"footnote": "",
"is_definition": false,
"sort_order": 57
},
{
"number": "60",
"title": "60. Period of retention of records by the Registrar.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 58
},
{
"number": "61",
"title": "61. Register of records kept.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 59
},
{
"number": "62",
"title": "62. Compounding of offences arising under the Act.",
"chapter": null,
"content": "(i) any officer empowered by the State Government compound the offence committed under the Act or reasonably suspected to have committed any offence under the Act and Rules made thereunder may compound the said offence committed by any person, either before or after the institution of the criminal proceedings under the Act, provided that the said proposal to compound the offence is accepted by any officer authorised by the State Government.\n(ii) On an approval of the said proposal by the officer empowered to approve such a proposal referred above the officer empowered to compound the offence shall send an intimation in writing in that behalf to that person specifying therein-\n(a) a sum determined by way of composition.\n(b) the date on or before which the sum shall be paid.\nNote - It will be observed that while Section 81 of the Chit Funds Act, 1982 merely empowers the State Government/Union Territories to specified the conditions subject to which offence may be compounded. The provisions in sub-rule (1) of Rule-62 of the draft model Rules forwarded to the State Government Administration earlier goes a step further and specified the offences which are compoundable. In other words, offence of a serious type such as those mentioned in Section 76(1) and offences committed for the second time vide Section 77 of the Act, are not compoundable. A doubt had therefore arisen whether, in the circumstances, the provision in sub-rule (1) of Rule 62 of the model Rules might be struck down as ultra vires the provision in section 81 of the Act with a view therefore, to remove doubts, if any in this regard a redraft of a Rule 62 as above has been suggested. However the spirit under which new legislation was enacted is that offences under sub-section (1) of Section 76 and offence committed for the second time vide Section 77 should not be compoundable. The State Government/Administration may therefore please issue suitable administrative instructions to the officials empowered under the aforestated new Rule 62 not to agree to compounding of these offences after the proposed Rules are brought into force.\nAppendix-I\nAppendix-I\nForm I\nForm I\n[ See Section 4(2) and Rule (3)]\nPlace :\nDate :\nOr\nYours faithfully Chairman Secretary * for or on behalf of\nStrike out or delete whatever is not applicable.\n* Insert the designation as may be appropriate to the applicant.\n@ Here enter the name of the applicant institution, if any.\nAnnexure\nAnnexure\nStatement of particulars\nStatement of particulars\nDated this............day of 19 at....................\nName(s)\nDesignation(s)\nSignature(s)\nfor and on behalf of * * Here enter the name of the applicant institution, if any. Strike out whatever is not applicable. Note. - (i) If the space against any item is inadequate for furnishing full particulars, the required information should be given in separate sheets indicating the cross reference against the relative item of this statement. (ii) A copy each of the latest available audited balance-sheet and profit and loss account, if any, should be attached. Form II Application for registration of the Chit Agreement ( See Section 7 and Rule 5) Place : Date : To,\n* Here enter the name of the applicant institution, if any.\nStrike out whatever is not applicable.\nNote. - (i) If the space against any item is inadequate for furnishing full particulars, the required information should be given in separate sheets indicating the cross reference against the relative item of this statement.\n(ii) A copy each of the latest available audited balance-sheet and profit and loss account, if any, should be attached.\nForm II\nForm II\nApplication for registration of the Chit Agreement\nApplication for registration of the Chit Agreement\n( See Section 7 and Rule 5)\nPlace :\nDate :\n(b) We....................... the Chairman and Secretary respectively of the foreman conducting chit businesses under the name and style of *.........at.........hereby apply for registration of the chit agreement.\nDeclaration\nDeclaration\nYours faithfully, Chairman Secretary Name(s) Designation(s) *for and on behalf of (Foreman)\nNote. - (i) *Here enter the name of the applicant institution, if any.\nNote.\n(ii) Strike out or delete whatever is not applicable. Insert the designation(s) as may be appropriate to the applicant.\nForm III\nForm III\nEndorsement of Registration\nEndorsement of Registration\n[ See Section 7(2) and Rule 6]\nSignature of Registrar\nForm IV\nForm IV\n[ See Section 8(4) and Rule 9]\nPlace:\nDate:\nYours faithfully, Chairman Secretary *for and on behalf of (Foreman/Company)\n* Here enter the name of the applicant/company.\nForm V\nForm V\n[ See Section 9(1) and Rule 10]\nPlace :\nDate :\nYours faithfully, Chairman Secretary for and on behalf of (Foreman)\nStrike out or delete whatever is not applicable. Insert such designation(s) as may be appropriate to the applicant.\nForm VI\nForm VI\n[ See Section 9(2) and Rule 11]\nCertificate of commencement of chit\nCertificate of commencement of chit\nPlace :\nDate :\nSignature of Registrar\n* Here enter the name of the foreman.\n* Here mention the chit amount and duration etc. of the chit(s).\nForm VII\nForm VII\n[ See Section 10(2) and Rule 12]\nThe Chit Funds Act, 1982\n(Central Act 40 of 1982)\nThe first draw of the said chit was held on......\nYours faithfully, Chairman Secretary for on behalf of (Foreman)\nStrike out/delete whatever is not applicable.\nInsert the designation(s) as may be appropriate to the applicant.\nForm-VIII\nForm-VIII\n(See Section 6 and Rule 13)\nForm of Chit Agreement\nForm of Chit Agreement\n(1) No. of tickets or fraction thereof held by each\n\t\t\t\tsubscriber.\nFull ¾ ½ ¼ ⅛\n(2) No. of instalments and amount payable for each ticket at\n\t\t\t\tevery instalment.\nNo.\n(3) Chit amount\nAmount. Rs.\n(1) Date of 1st instalment.\n(2) Dates of subsequent instalments.\n(3) No. of instalments per year.\n(4) Date of termination.\n(5) Duration of the chit .............. Months ........... Years.\n(1) Place (give full particulars)\n(2) Probable date\n(3) Time of commencement of the proceedings.\nIV. Particulars of security given or deposited by foreman.\nV. Mode of conducting the chit.\nNote. - Where a fraction of a ticket is auctioned the subscriber who bids it for the highest discount is entitled to have confirmed in his name at the same rate as may such fraction as he wished to bid.\nVI. Mode of payment of each instalment.\nNote. - Under clauses (2) and (3) the period within which the amount shall be paid and the rate at which interest due thereon shall be paid may be such as shall not be inconsistent with the provisions of the Act or any law for the time being in force.\nVII. Procedure for receiving the prize amount by a prized subscriber.\nVIII. Disbursement of discount.\nIX. Foreman's commission and the instalment at which the foreman is to get the prize.\nNote. - Any other amount agreed to by the subscribers for any other purpose may also be specified here.\nX. Transfer how to be effected.\nXI. Balance-sheet and subscriber's right to examine chit records.\nXII. Banks where chit money may be deposited.\nXIII. Miscellaneous.\n(a) the security given or deposited by the foreman.\n(b) other properties belonging to the foreman.\n(c) the further subscriptions due to the foreman from the prized subscribers.\n(i) Here specify the arrangements made for the conduct of the chit.\n(ii) In such a case anyone or more of the non-prized subscribers authorised by a special resolution may, in the absence of any provision in this chit agreement for the future conduct of the chit take the place of the foreman and have the right to continue the chit or to make suitable arrangements for the future conduct of the chit.\nSerial Number\nName and full address of subscriber\nNo. of tickets taken\nSubscriber's Signature and date\nName, Signature and address of witness\n1.\nForeman\n2.\n3.\n4.\n5.\netc.\nForm IX\nForm IX\n( See Section 16 and Rule 16)\nYours faithfully, Secretary *for and on behalf of (foreman)\n* Strike out or delete whatever is not applicable insert such designation(s) as may be appropriate.\nForm X\nForm X\n( See Section 20 and Rule 18)\nApplication for permission to furnish security for conducting the chit\nApplication for permission to furnish security for conducting the chit\n(1) Name and address of the applicant.\n(2) Age and occupation.\n(3) Chit amount.\n(4) Details of cash/Government security/any other movable security offered as security.\n(5) Details of immovable properties offered as security.\nDistrict...................................... Taluka....................................... Village...................................... S. No........................................ Area...................etc................. (2) do do\n(6) Rights of the applicant over the property.\n(7) Market value of the property.\n(8) Details of prior encumbrances, if any, on the property.\n(9) Movable (and immovable) properties belonging solely to the applicant (to be shown separately).\n(10) Whether the applicant has any debt and if so, the amount of such debt.\n(11) Whether the applicant has conducted any chit before and if whether there is any subsisting liability under the same.\n(1) title deeds in support of title to the property offered as security; and\n(2) the encumbrance certificate of the property for the past 30 years.\nYours faithfully, Chairman, Secretary Signature(s) *for and on behalf of............\nDetails of decision\nSignature of Registrar of Chits\nNote. - (1) Applicable only when the security offered is immovable property.\nNote.\n(2) Strike out/delete whatever is not applicable. Insert the designation as may be appropriate to the applicant.\nForm XI\nForm XI\n( See Rule 18)\nCertificate of sufficiency of security\nCertificate of sufficiency of security\nOffice of the Registrar of Chits\n....................................................\nPlace :\nDate :\nSignature of Registrar of Chits\nSignature of Registrar of Chits\nNote. - Strike out/delete whatever is not applicable.\nForm No. XII\nForm No. XII\n[See Section 20(3) and Rule 20]\nApplication for the substitution of the security\nApplication for the substitution of the security\nPlace :\nDate :\n(1) Name of Foreman.\n(2) Age and occupation if the foreman is not a firm or a company.\n(3) The office in which the chit agreement of the chit has been registered and the number and year of registration.\n(4) Chit amount.\n(5) Details of the original security given.\n(6) Details of all movable (and immovable) properties belonging solely to the applicant.\n(7) Whether the applicant has any debt and if so the amount of any such debt and to whom they are due.\n(8) Details of Government security/other securities offered as substituted security.\nYours faithfully, Chairman Secretary Signature for on behalf of..............\nDecision of Registrar of Chits\nSignature of Registrar of Chits\nNote. - Strike out/delete whatever is not applicable.\nInsert the designation as may be appropriate to the applicant.\nForm XIII\nForm XIII\n[ See Section 23 and Rule 25]\nSerial number according to chit agreement\nName and full address of the Subscriber\nDate of Signing the chit agreement\nDate of receipt of the copy of the chit agreement\n\t\t\t\tby the Subscriber\nChit Subscriber\nNumber of Ticket\nAmount\n1\n2\n3\n4\n5\n6\nRs.\nAssignment\nName and address of the assignee\nDate of assignment\nName and fraction of assignment\nAmount\nDate of which the foreman recognised the\n\t\t\t\tassignment\nReason for the removal of Subscriber\n7\n8\n9\n10\n11\n12\nRs.\nSubstitution\nDate of Removal\nName and address of the Substituted Subscriber.\nDate of substitution.\nNumber and fraction of ticket\nAmount\nDate of intimation of the Substitution to the\n\t\t\t\tremoval subscriber\nRemarks\n13\n14\n15\n16\n17\n18\n19\nRs.\nForm XIV\nForm XIV\n[ See Section 23 and Rule 25]\nForm of the Ledger to be maintained\nForm of the Ledger to be maintained\nLedger\nLedger\nDate\nNo. of instalment\nOn what account received or paid by the Foreman\nAmount of subscription for each instalment\nDivided due to the Subscriber for each instalment\n1\n2\n3\n4\n5\nRs.\nRs.\nAmount paid by subscriber\nAmount received back by subscriber\nGeneral number in the day book\nSignature of the\nRemarks\nShare amount\nInterest\nSubscriber\nForeman\n6\n7\n8\n9\n10\n11\n12\nRs.\nRs.\nRs.\nDate\nFor what purpose deposited or withdrawn\nAmount deposited\nInterest Accruing\nBalance after each transaction\n1\n2\n3\n4\n5\nRs.\nRs.\nRs.\nAmount withdrawn\nBalance\nNumber in the day book\nSignature of the foreman\nRemarks\n6\n7\n8\n9\n10\nRs.\nRs.\nForm XV\nForm XV\n[ See Section 23 and Rule 25]\nForm of the day book to be maintained\nForm of the day book to be maintained\nDay Book\nReceipts\nDate\nGeneral number\nOn what account received or paid\nSubscriptions\nInterest\nWithdrawal from bank\nOther items\nTotal receipts\n1\n2\n3\n4\n5\n6\n7\n8\nExpenditure\nReferred to receipt in the receipt book\nAmount paid to subscriber\nForeman's commissions\nDeposit in the bank\nOther items\nTotal expenditure\n9\n10\n11\n12\n13\n14\nBalance\nReferences to the page number of the voucher in\n\t\t\t\tthe file of vouchers\nSignature of foreman\nRemarks\n15\n16\n17\n18\nNote. - (1) The balance should be struck in column (15) at the close cash day. The monthly total of receipts and expenditure shall be struck at the end of each month.\n(2) In column (2) each transaction shall be assigned a serial number. There shall be one separate set of serial numbers for each calendar year.\n(3) If any amount is received from or paid to more than one subscriber at a time the amount paid to or received from each subscriber should be entered as a separate item.\n(4) If more than one amount is received from or paid to the subscriber at a time each amount paid to or received from the subscriber should be entered as separate item.\nForm XVI\nForm XVI\n[ See Section 23 and Rule 25]\nForm of the receipt book to be maintained\nForm of the receipt book to be maintained\nOriginal Duplicate\nReceipts\nSerial Number\nRs.\nP.\nPayment for current instalment Arrears of subscription (with\n\t\t\t\tdetails) Penalty for overdue subscription Fees for inspection of\n\t\t\t\trecords other receipts (to be specified)\nTotal\n(In words Rupees)\nPaise\nDate\nfor and on behalf of foreman .........\nNote. - Strike out/delete whatever is not applicable. Insert the designation(s) as may be appropriate to the applicant.\nNote.\nForm XVII\nForm XVII\n[ See Section 61 and Rule 45]\n1.\nName Age Occupation Address\nDisputants:\n2.\nName Age Occupation Address\n3.\nName Age Occupation Address\nVersus\n1.\nName Age Occupation Address\nOpponents:\n2.\nName Age Occupation Address\n3.\nName Age Occupation Address\n(Signed)..........................................\nDisputant/Disputants\nSigned (1)............. (2)........... (3)............. disputants\nNote. - (1) In case there are more dispute opponents their names, address, ages and occupation should also be mentioned.\nNote.\n(2) In disputes relating to monetary claims the disputants should state the precise amount claimed but where this cannot be exactly ascertained the disputants shall state the approximate amount claimed.\n(3) When the disputants foreman is a company/co-operative society or a partnership firm a copy of the resolution of its Board of Directors or as the case may be Managing Committee shall accompany the application.\nForm XVIII\nForm XVIII\n[ See Section 71 and Rule 54]\nDescription of the Property\nDescription of the Property\nDate of award or order\nNames of the Parties against whom award or order\n\t\t\t\thas been passed and Certified under Section 71 has been issued\nSurvey No. or House No.\nName of the village or town etc.\nArea Assessment or/other Taxes\nOther description of the property such as\n\t\t\t\tboundaries etc.\nRemarks\n1\n2\n3\n4\n5\n6\n7\nRegistrar of Chits\nForm XIX\nForm XIX\nCertificate for transfer of property\nCertificate for transfer of property\nI. Description of Property\nSurvey No.\nArea and assessment\nNature of right, title and interest of the\n\t\t\t\tdefaulter\nDetails of encumbrances to which property is\n\t\t\t\tsubjected\n1\n2\n3\n4\nThe Schedule\nForm XX\nForm XX\n[ See sub-rule (c) of Rule 2]\nForm of letter of authority\nForm of letter of authority\nPlace :\nSignature :\nDate :\nStatus :\nForm XXI\nForm XXI\n[ See Rule 28(2)]\nName of the Foreman:\n(i)\nOffice where the bye-laws of the chit are registered.\n(i)\nRegistration number and year of the bye-laws of the chit.\n(ii)\nDate of which the balance-sheet was prepared.\n(ii)\nName of the Foreman.\n(iii)\nNumber of instalments conducted till date of balance-sheet.\n(iii)\nChit amount.\n(iv)\nNumber of instalments.\nI. Receipts and Expenditure\nReceipt\nCurrent year\nTotal including previous years\nExpenditure\nCurrent year\nTotal including previous year\n1\n2\n3\n4\n5\n6\nRs. p.\nRs. p.\nRs. p.\nRs. p.\nRs. p.\nRs. p.\n1.\nSubscription paid by the prized and non-prized subscribers.\n1.\nPrize amounts disbursed to prized subscribers.\n2.\nReceipts under dividend.\n2.\nInterest paid to subscribers.\n3.\nInterest realised from the subscribers.\n3.\nAmounts paid to defaulter non-prized subscribers.\n4.\nContribution by substituted or assigned non-prized subscribers\n\t\t\t\tin respect of dues defaulters.\n4.\nAmount contributed by Foreman for payment of the prize amount.\n5.\nAny other amount received from subscribers.\n5.\nForeman's commission.\n6.\nAmount contributed by the Foreman for payment of prize amount.\n6.\nAmounts on account of interest realised for delayed payments\n\t\t\t\tand forfeited dividend.\n7.\nInterest accrued from investments.\n7.\nDividend paid.\n8.\nOther items (details to be annexed).\n8.\nSinking Fund.\n9.\nInvestments withdrawn.\n9.\nOther items (details to be annexed).\nGrand total........................\nGrand total Expenditure..................\n10.\nInvestments made........\nGrand total:\nII. Statement of Assets and Liabilities\nAssets\nRs. p.\nLiabilities\nRs. p.\n1.\nAmounts due on account of arrears of subscription due from\n\t\t\t\tprized subscribers.\n1.\nAmounts paid by non-prized subscribers (including dividend).\n2.\nAmounts due from the subscribers including the Foreman towards\n\t\t\t\tfuture subscriptions.\n2.\nAmounts due to non-prized defaulter subscribers.\n3.\nInterest due from defaulter subscribers.\n3.\nArrears of prize amount due to prized subscribers.\n4.\nInvestments in bank (including interest thereon).\n4.\nThe amounts due to the Foreman towards contributions made by\n\t\t\t\thim for payment of prize amount.\n5.\nOther items (details to be annexed).\n5.\nOther items (details to be annexed).\n6.\nSinking Fund...\n6.\nSinking Fund\nTotal\nTotal\nIII. Details of Investments Receipts\nRs. p.\n1.\nInvestment made on account of the failure on the part of\n\t\t\t\tprized subscribers to receive the prized amount due to them.\n2.\nInvestment made on account of lump sum collection made from\n\t\t\t\tdefaulter prized subscribers.\n3.\nAmount deposited for payment to non-prized defaulter\n\t\t\t\tsubscribers.\n4.\nInvestment on account of other items of receipts of the chit\n\t\t\t\t(details to be annexed).\nTotal...\nIV. Assessment of value of Investment\nNote. - To facilitate audit of balance-sheets, the following statements of details should be annexed by the Foreman to be balance-sheet:-\n(i) Statement of details of receipts and expenditure for each instalment;\n(ii) of disbursement;\n(iii) of the prize amount in respect of each instalment; and\n(iv) Statement of details of arrears due on the date of the preparation of the balance-sheet from the prized and non-prized subscribers.\nV. Certification By Foreman\nName and signature of the Foreman.\nVI. Certificate By Auditor\nName and signature of the Auditor\nAppendix II\nAppendix II\n[ See Sections 62, 63 and Rule 42]\nLevy of fees under Sections 62 and 63 of the Chit Funds Act, 1982\nLevy of fees under Sections 62 and 63 of the Chit Funds Act, 1982\n(Central Act No. 40 of 1982)\nTable of Fees\nRs.\n1.\nFor the application of previous sanction to commence or \n\t\t\t\tconduct a chit under sub-section (2) of Section 4.\n25.00\n2.\nFor filling a chit agreement under sub-section (1) of Section\n\t\t\t\t7.\n1.00\n3.\nFor issue of certificate of commencement of chit business\n\t\t\t\tunder sub-section (2) of Section 9.\n1.00\n4.\nFor filing of a certificate under sub-section (2) of Section\n\t\t\t\t10.\n1.00\n5.\nFor filing a copy of the minutes of the proceedings under\n\t\t\t\tSection 17.\n0.50\n6.\nFor every application for registration of an alteration,\n\t\t\t\taddition or omission of any provision in a chit agreement under\n\t\t\t\tsub-rule (1) of rule 14.\n3.00\n7.\nA fee of rupee one shall be levied in each case for filing\n\t\t\t\twith the Registrar -\n(a) a copy of each entry relating to the removal of defaulting\n\t\t\t\tsubscriber under sub-section (3) of Section 28.\n(b) a true copy of each entry relating to the substitution of\n\t\t\t\ta subscriber under sub-section (2) of Section 29.\n(c) a true copy of entry relating to transfer of the rights of\n\t\t\t\tthe Foreman under Section 37.\n(d) a copy of entry relating to transfer of non-prized\n\t\t\t\tsubscriber's rights under Section 37.\n(e) a true copy of assent of non-prized subscribers and unpaid\n\t\t\t\tprized subscribers for withdrawal of a Foreman under Section 41.\n(f) a true copy of consent of all non-prized or unpaid\n\t\t\t\tsubscribers to the termination of chit under Section 41.\n(g) each petition protesting against or objecting to the\n\t\t\t\torders passed or proposed to be passed by the Registrar.\n8.\nIf the balance-sheet is audited under Section 24 or the chit\n\t\t\t\tbooks and records inspected by the Registrar or any officer\n\t\t\t\tauthorised by the Registrar under Section 46 or the accounts\n\t\t\t\tbooks and other records of the chit audited by the chit auditor\n\t\t\t\tat the premises of the foreman or outside of the office of the\n\t\t\t\tRegistrar, for each such audit or inspection.\n50.00\n9.\nFor inspection of one or more records relating to a chit under\n\t\t\t\tSection 62 for each inspection.\n1.00\n10.\nFor every 100 words or fraction thereof of a copy or extract\n\t\t\t\tof the records relating to a chit furnished under Section 62.\n0.25\n11.\nFor every 100 words or fraction thereof a certified copy of\n\t\t\t\tany order, judgement or award by the Registrar or his nominee\n\t\t\t\tunder Section 69.\n0.15\n12.\nFor every appeal to the State Government under Section 74.\n5.00",
"footnote": "",
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"sort_order": 60
}
],
"metadata": {
"Act ID": "bh093",
"Act Number": "Published vide Notification No. N.S. 10 (Ch.) 03/82-805-F dated 2nd October, 1987, published in Bihar Gazette (Extraordinary) dated 25.11.1987",
"Enactment Date": "",
"Act Year": "1987",
"Short Title": "Chit Funds (Bihar) Rules, 1987",
"Type": "STATE",
"Location": "Bihar"
},
"updated_at": "2026-09-29 21:55:19"
}