Without prejudice to the provisions of the Companies Act, 1956 (1 of 1956), every foreman shall prepare and file with the Registrar within such time as may be prescribed, a balance sheet as on the last date of each calendar year, or, as the case may be, the financial year of the foreman, and a profit and loss account relating to the year of account, in the forms set out in Parts I and II of the Schedule, or as near thereto as circumstances admit, in respect of the chit business and audited by auditors qualified to act as auditors under the Companies Act, 1956, or by a chit auditor appointed under section 61:
Provided that where a balance sheet is
audited by an auditor qualified to act as auditor under the Companies Act,
1956 (1 of 1956), a chit auditor appointed under section 61 shall have the
right to audit the balance sheet at any time if so authorised by the
Registrar in this behalf.
Section 21 of Chit Funds Act - Rights of foreman
Section 22 of Chit Funds Act - Duties of foreman
Section 23 of Chit Funds Act - Books, records, etc., to be kept by foreman
Section 24 of Chit Funds Act - Balance sheet
Section 25 of Chit Funds Act - Liability of foreman to subscribers
Section 26 of Chit Funds Act - Withdrawal of foreman
Section 27 of Chit Funds Act - Non-prized subscribers to pay subscriptions and obtain receipts
Section 28 of Chit Funds Act - Removal of defaulting subscribers
Section 29 of Chit Funds Act - Substitution of subscribers
Section 30 of Chit Funds Act - Amounts due to defaulting subscribers