THE KERALA CHITTIES ACT 1975
Chitty helps to obtain fund for meeting the financial emergencies of common man. the advantages of person who conduct of common man. the advantage of person who conduct the chitty is that he is entitled to receive the first installment of collection, interest due from the subscribes who may make a default in payment of their subscription on due dates and a small fee on all the collections. It is not a speculative transaction but a commercial or business venture
The Kerala chitty act came in to force in 1975 and it extends to the whole state of keral. since 1975 and it extends to the whole state of kerala. since 1975 when ever a person is conducting chitty the permission from
the registrar appointed for the purpose of the should be obtained. the registration the application should be submitted to the registrar along with the permission and variola. The person who conduct the chitty is called foreman. Variola means the document containing the articles of agreement between foremen and subscribers relating to the chitty.Chitty helps to obtain fund for meeting the financial emergencies of common man. the advantages of person who conduct of common man. the advantage of person who conduct the chitty is that he is entitled to receive the first installment of collection, interest due from the subscribes who may make a default in payment of their subscription on due dates and a small fee on all the collections. It is not a speculative transaction but a commercial or business venture
The Kerala chitty act came in to force in 1975 and it extends to the whole state of keral. since 1975 and it extends to the whole state of kerala. since 1975 when ever a person is conducting chitty the permission from
VARIOLA
This is the document containing the articles of the chitty association. It is the deed of agreement entered in to by the foreman and subscribers. It contain the following.
1. Name and address of subscribers
2. The number of tickets subscribed by each subscriber
3. The amount of ticket
4. Method of filling up the subscribers
5. Commission of foreman, discount etc.
6. Foreman's bank
7. Nature of sureties offered by foreman
8. Nominee's particular
9. the books maintained by foreman
according to section 18 the following books must be maintained by the foreman.
1. Register showing name and address of subscribers.
2. Chitty minutes book
3. Chitty ledger
4. Register of sureties.
5. Receipt book
6. Notice book
CHITTY-WINDING UP
Chitty can be wound up in the following circumstances.
1. Expiry of the chitty period
2. As per the terms of variola
3. Mutual agreement by prized subscribers and non defaulter-ed non prized subscribers
4. death or lunacy of the foreman and his legal heirs are unable to proceed the chit.
No comments:
Post a Comment