An application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 1908), and shall contain such particulars as may be prescribed:
Provided that no application for the winding up of a chit under clause (d) or clause (i) of section 48 shall lie unless such application is presented,--
(a) by non-prized and unpaid prized subscribers representing not less than twenty-five per cent. of the amount or, as the case may be, the value of the grain subscribed by all the non-prized and unpaid prized subscribers, if any; or
(b) with the previous sanction of the State Government within whose jurisdiction the chit is commenced or conducted.
Explanation.-- For the purposes of clause (a), of the proviso, a subscriber
of a fraction of a ticket shall be deemed to be a subscriber only to the
extent of such fraction.
Section 41 of Chit Funds Act - Copy of assent or consent to be filed with Registrar
Section 42 of Chit Funds Act - Refund of non-prized subscribers' subscriptions
Section 43 of Chit Funds Act - Subscribers dues to be first charge on chit assets
Section 44 of Chit Funds Act - Foreman to allow certain subscribers to inspect chit records
Section 45 of Chit Funds Act - Preservation of chit records by foreman
Section 46 of Chit Funds Act - Inspection of chit books and records by Registrar
Section 47 of Chit Funds Act - Power of Reserve Bank to inspect chit books and records
Section 48 of Chit Funds Act - Circumstances under which chits may be wound up
Section 49 of Chit Funds Act - Application for winding up
Section 50 of Chit Funds Act - Bar to winding up proceedings