On the making of an order for the winding up of a chit, all the chit assets pertaining to such chit shall vest in the Registrar or in any person appointed by him for distribution amongst the subscribers to whom amounts are due in respect of the chit.
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Next · Section 55Suits, etc., to be stayed on winding up order. →All sections / सभी धाराएँThe Chit Funds Act, 1982 →
More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Act to override other laws, memorandum, articles, etc.Section 4 · Prohibition of chits not sanctioned or registered under the Act.Section 5 · Prohibition of invitation for subscriptions except under certain conditions.Section 6 · Form of chit agreement.Section 7 · Filing of chit agreement.Section 8 · Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.India Code, Government of India. Text fetched 19 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.