(1) Every foreman shall, after all the tickets specified in the chit agreement are fully subscribed, file a declaration to that effect with the Registrar.
(2) As soon as may be after a declaration is filed under sub-section (1), the Registrar shall, after satisfying himself that all the requirements relating to sanction, registration of chit and other matters have been duly complied with, grant a certificate of commencement to the foreman.
(3) No foreman shall commence any auction or the draw of any chit or appropriate any 1[gross chit amount] unless a certificate of commencement referred to in sub-section (2) is obtained by him.
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1.Subs. by s. 3, ibid., for "chit amount" (w.e.f. 1-1-2020).
Section 2 of Chit Funds Act - Definitions
Section 3 of Chit Funds Act - Act to override other laws, memorandum, articles, etc
Section 4 of Chit Funds Act - Prohibition of chits not sanctioned or registered under the Act
Section 6 of Chit Funds Act - Form of chit agreement
Section 7 of Chit Funds Act - Filing of chit agreement
Section 9 of Chit Funds Act - Commencement of chit
Section 10 of Chit Funds Act - Copies of chit agreement to be given to subscribers