Section 50
Bar to winding up proceedings.
About this Act
An Act to provide for the regulation of chit funds and for matters connected therewith.
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.
(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.