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    Under Section 20 Chit-NET DETAILES

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    Anonymous QrLiISmpF
    The document outlines the procedure for releasing security that was furnished under Section 20 of the Chit Funds Act of 1982. It states that the foreman must apply to the Registrar for the release of security by submitting a sworn affidavit declaring that all subscriber claims have been satisfied, the company will be responsible for future claims, and all dues have been paid. The Registrar may call for documents like account books and bank certificates before releasing security and will post a notice to allow for objections within 15 days. If no objections are received, the security will be released, but if objections are filed, the Registrar will inquire into them within a month and issue a written decision.

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    Under Section 20 Chit-NET DETAILES

    Uploaded by

    Anonymous QrLiISmpF
    9 views1 page
    The document outlines the procedure for releasing security that was furnished under Section 20 of the Chit Funds Act of 1982. It states that the foreman must apply to the Registrar for the release of security by submitting a sworn affidavit declaring that all subscriber claims have been satisfied, the company will be responsible for future claims, and all dues have been paid. The Registrar may call for documents like account books and bank certificates before releasing security and will post a notice to allow for objections within 15 days. If no objections are received, the security will be released, but if objections are filed, the Registrar will inquire into them within a month and issue a written decision.

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    The document outlines the procedure for releasing security that was furnished under Section 20 of the Chit Funds Act of 1982. It states that the foreman must apply to the Registrar for the release of security by submitting a sworn affidavit declaring that all subscriber claims have been satisfied, the company will be responsible for future claims, and all dues have been paid. The Registrar may call for documents like account books and bank certificates before releasing security and will post a notice to allow for objections within 15 days. If no objections are received, the security will be released, but if objections are filed, the Registrar will inquire into them within a month and issue a written decision.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views1 page

    Under Section 20 Chit-NET DETAILES

    Uploaded by

    Anonymous QrLiISmpF
    The document outlines the procedure for releasing security that was furnished under Section 20 of the Chit Funds Act of 1982. It states that the foreman must apply to the Registrar for the release of security by submitting a sworn affidavit declaring that all subscriber claims have been satisfied, the company will be responsible for future claims, and all dues have been paid. The Registrar may call for documents like account books and bank certificates before releasing security and will post a notice to allow for objections within 15 days. If no objections are received, the security will be released, but if objections are filed, the Registrar will inquire into them within a month and issue a written decision.

    Copyright:

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    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Procedure for release of security furnished under section 20 of the Chit Funds Act,1982: On termination of the chit, the

    foreman shall make an application to the Registrar for release of the security given by him. The application for release of security shall contain a declaration in the form of an affidavit, duly signed by the foreman and attested by a Notary Public, stating(i) that the claims of all the subscribers have been fully satisfied and nothing is due to them from the company; (ii) that the company shall be held responsible for any complaint or claim put forth by any subscriber of the chit group in future; (iii) that all dues payable by the foreman under the Act and these rules to the Registrar or any other officer have been fully paid. Procedure for release of security is enunciated in Rule 24 of Delhi Chit Funds Rules, 2007, is detailed below:
    (1) (a) The Registrar may for the purpose of releasing the security under sub-section (5) of section 20 call upon the foreman to produce a copy duly certified to be a true copy of any register and books of accounts maintained by the foreman, a bank certificate regarding clearance of payments made to the subscribers(excluding the foreman) in respect of last five auctions, detailed list of payments made to all the subscribers and last balance sheet of the chit group. The Registrar shall exhibit a notice on his office notice board/website of the Department stating that the security is proposed to be released and that any person objecting to such release may file with the Registrar his statement of objections, if any, within fifteen days from the date of exhibition of such notice. (b) If no objections are received within the period specified in the notice, the Registrar shall release the security. (2) If any objections are received, the Registrar shall enquire into the objections summarily within one month after the date of expiry of the period specified in the notice referred to in subrule(1) (a) and record his decision in writing and send a copy thereof to the foreman and to the objector.

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