(1) Notwithstanding anything contained in this Act, no bank shall commence or carry on chit business after the commencement of this Act.
(2) Where a chit had been started by any bank before such commencement, such chit may be continued after such commencement until it is completed, and the provisions of the chit agreement and such laws, if any, as were applicable to it immediately before the commencement of this Act shall apply to such chit.
Explanation.-- For the purposes of this section "bank" means an
approved bank or a co-operative bank as defined in clause (bii) of section 2
of the Reserve Bank of India Act, 1934 (2 of 1934).
Section 81 of Chit Funds Act - Power to compound offences
Section 82 of Chit Funds Act - Power to enter and search any place and to seize any documents
Section 83 of Chit Funds Act - Officers to be public servants
Section 84 of Chit Funds Act - Power to delegate
Section 85 of Chit Funds Act - Act not to apply to certain chits
Section 86 of Chit Funds Act - Banks not to conduct chit business
Section 87 of Chit Funds Act - Power to exempt
Section 88 of Chit Funds Act - Protection of action taken under the Act
Section 89 of Chit Funds Act - Power to make rules
Section 90 of Chit Funds Act - Repeal and saving