Application for winding up
Section 49 of the Chit Funds Act, 1982 deals with application for winding up. An application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 1908), and shall contain such particulars as may be prescribed: Prov The Act came into force on 02 Apr 1984.
An application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 1908), and shall contain such particulars as may be prescribed:
Provided that no application for the winding up of a chit under clause (d) or clause (i) of section 48 shall lie unless such application is presented,--
(a) by non-prized and unpaid prized subscribers representing not less than twenty-five per cent. of the amount or, as the case may be, the value of the grain subscribed by all the non-prized and unpaid prized subscribers, if any; or
(b) with the previous sanction of the State Government within whose jurisdiction the chit is commenced or conducted.
Explanation.-- For the purposes of clause (a), of the proviso, a subscriber of a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.
Section 49, The Chit Funds Act, 1982 (Act 40 of 1982).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 49
What does Section 49 of the Chit Funds Act deal with?
Section 49 of the Chit Funds Act is headed "Application for winding up". An application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 1908), and shall contain such particulars as may be prescribed: Prov
How do I find court cases under Section 49 of the Chit Funds Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Chit Funds Act 1982 49, section 49 Chit Funds Act 1982, section 49 of the Chit Funds Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 49 of the Chit Funds Act, and has it changed?
Its own text turns on section 48 (Circumstances under which chits may be wound up), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it. One instrument names it without being made under it, most recently The Tamil Nadu Chit Funds Rules, 1984 (1984).
When did Section 49 of the Chit Funds Act come into force?
Section 49 of the Chit Funds Act, cited as Chit Funds Act 1982 49, came into force on 02 Apr 1984, having been enacted on 19 Aug 1982. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Definitions795 words
- 6. Form of chit agreement577 words
- 22. Duties of foreman483 words
- 89. Power to make rules471 words
- 20. Security to be given by foreman428 words
- 67. Procedure for settlement of disputes and powers of Registrar or nominee419 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.