Notwithstanding anything contained in sections 48 and 49, no petition for the winding up of a chit shall be entertained by the Registrar,--
(a) if proceedings relating to insolvency are pending against the foreman; or
(b) where the foreman is a firm, if proceedings relating to insolvency are pending against all the partners or all the partners except one thereof, or proceedings for the dissolution of the firm are pending; or
(c) where the foreman is a company or co-operative society, if proceedings
for the winding up of such company or co-operative society are pending.
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