Section 9:
Commencement of chit.
(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.
Notes:
1.Subs. by s. 3, ibid., for “chit amount” (w.e.f. 1-1-2020).