for example: TATA AIG

  for example: Indian Contract Act

  for example: Ratan Tata

  for example: Negotiable Instruments Act

Section 10   [ View Judgements ]

ALTERATION OF CHIT AGREEMENT


(1) Subject to the provisions of this Act and of the chit agreement, the subscribers to a chit may, by passing a special resolution at a meeting convened under section 31

(a) alter, or add to, the provisions of the chit agreement in respect of all or any of the following matters, namely

(i) the time at which or the place where the chit is to be conducted ;

(ii) the reduction of the chit amount;

(iii) the continuance of the chit in accordance with the provisions of section 32 ;

(iv) the suspension or prolongation of the chit ; or

(v) the termination of the chit;

(b) omit the name of any approved bank specified in the chit agreement or add the name of any approved bank in the chit agreement

(2) Any alteration, addition, or omission made under subsection (l) shall be as valid as if it were originally contained in the chit agreement, and shall be subject, in like manner, to alteration, addition or omission by a special resolution as provided in section 31.

(3) A true copy of every special resolution passed under subsection (1) or subsection (2) shall be filed by the Foreman with the Registrar within fifteen days from the date of such resolution.

(4) The Foreman shall

(a) supply to every subscriber by registered post or otherwise, a copy of every special resolution passed under subsection (1) or subsection (2) within seven days from the date of passing of such resolution ; and

(b) file with the Registrar along with a copy of such resolution the acknowledgement of receipt of the copy of the resolution given by or on behalf of the subscribers.

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