Registration of bye-laws

Registration of bye-laws :-

1. (1) Save as otherwise provided in this Act, no person shall start or conduct any chit unless he has registered with the Registrar the proposed bye laws of the chit.
2. (2) For the purpose of registration, there shall be filed with the Registrar the bye laws of the chit in duplicate signed by the foreman and attested by at least two witnesses.
3. (3) The Registrar, on being satisfied that the bye laws are not contrary to this Act or to the rules made thereunder, shall issue to the foreman a certificate of registration and such certificate shall be conclusive evidence that bye laws of the chit therein mentioned are duly registered.
4. (4) The Registrar shall retain one copy of the bye laws of the chit and return the duplicate of the bye laws to the foreman, with an endorsement that the bye laws have been registered.