4 January 2018

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Home / Bare Acts / Central Acts and Rules / Corporate Laws / Chit Fund Act,1982 / Chit Funds (Amendment) Act,2001

Chit Funds (Amendment) Act,2001

1. Short title and commencement

(1) This Act may be called the Chit Funds (Amendment) Act, 2001

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different States

2. Amendment of section 6

In section 6 of the Chit Funds Act, 1982 (40 of 1982) (hereinafter referred to as the principal Act), in sub-section (3), for the words “thirty per cent.”, the words “forty per cent.” shall be substituted

3. Amendment of section 13.In section 13 of the principal Act

(i) In sub-section (1), for the words “twenty-five thousand rupees”, the words “rupees one lakh” shall be substituted;

(ii) In sub-section (2),- (A) in clause (a), for the words “one lakh”, the words “six lakhs” shall be substituted; (B) in clause (b), for the words “twenty-five thousand rupees”, the words “rupees one lakh” shall be substituted

4. Amendment of section 20.

In section 20 of the principal Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely:-

“(a) Deposit in the name of the Registrar, an amount equal to,-

(i) Fifty per cent. of the chit amount in cash in an approved bank; and

(ii) Fifty per cent. of the chit amount in the form of bank guarantee from an approved bank; or”

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One comment

  1. Sanjay

    I think this is a good essay. Let me offer you some constructive cscitiirm.I disagree with you on two points. First, dissents are almost never useful on exams; concurrences are only useful when they represent the fifth vote. I wouldn’t stress the importance of concurrences and dissents too much. There are a few important concurrences (like Youngstown), and Profs will highlight these to students. Most of the rest aren’t too important.Second, understanding the argument that lawyers made to the court is almost never important. This information is rarely included in law school text books anyway (except to the extent that you can figure out what the lawyers argued from the judge’s opinion). Also, it simply does not help you on an exam.I would add two things: (1) a short case, with commentary that shows the reader the holding, dicta, etc., (2) some guidelines for notetaking and outlining.[OK Comments:a0 Jeff, to be clear, this essay is for incoming students on how to read a case to be prepared for and to participate in class, not how to read a case to help you write an issue-spotter.]a0


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