(1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of, any director, manager, secretary or other officer for the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section,--
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director" in relation
to a firm means a partner in the firm.
Section 71 of Chit Funds Act - Money how recovered
Section 73 of Chit Funds Act - Advisory role of Reserve Bank
Section 74 of Chit Funds Act- Appeals
Section 75 of Chit Funds Act - Powers of Registrar to give extension of time for filing documents
Section 76 of Chit Funds Act - Penalties
Section 77 of Chit Funds Act - Penalty for second and subsequent convictions
Section 78 of Chit Funds Act - Application of fine
Section 79 of Chit Funds Act - Offences by companies
Section 80 of Chit Funds Act - Cognizance of offences