Chapter VIII INSPECTION OF DOCUMENTS

Foreman to allow subscriber to examine chit records :- Every foreman shall, on payment of such fee not exceeding five rupees as may be specified in the chit agreement allow non-prized and unpaid prized subscribers all reasonable facilities on all days of drawing of chit or on such days and within such hours as may be provided for in the chit agreement for the inspection of security bonds and documents, receipts and other records taken from the prized subscribers or furnished by the foreman himself in his capacity as a subscriber and all chit records including books of accounts and pass books, the balance sheets and profit and loss accounts and such other records as may show the actual financial position of the chit schemes.

Preservation of chit records by foreman: - All the records pertaining to a chit shall be preserved in tact by the foreman and kept for a period of six years from the date of the termination of the chit.

Inspection of chit books and records :-

1. (1) The Registrar, or any officer authorised by the Director of Chits in this behalf may inspect the chit books and ail records after giving ordinarily seven days notice in writing to the foreman. Every foreman, shall be bound to produce the chit books and records before t h e Registrar or the officer authorised under sub-section
2. (1) at the

time and place mentioned in the notice and shall furnish such information to him as

he may require; Provided that such inspection may be made at the premises of the foreman if he pays in advance such fees as may be prescribed for the inspection: Provided further that if the foreman is a banking company as defined in the Banking Regulation Act, 1949, such inspection be made only at the pre- mises of the company and only on a working day and the foreman shall pay such fees as may be prescribed for the inspection.