Application for winding up

Application for winding up :- The application to the Court for the winding up of a chit shall be by a petition presented by any non-prized sub scriber or unpaid prized subscriber or by the Registrar, signed and verified in the manner prescribed by the Code of Civil Procedure, 1908 and shall contain such particulars as may be prescribed ; Provided that no application for the winding up of a chit under clause

1. (d) or clause
2. (h) of Section 38 shall lie unless such petition is presented -
3. (a) by those non-prized subscribers and those unpaid prized sub- scribers whose subscriptions to the chit funds in the aggregate be at least twenty- five percent of the amount contributed by the non-prized subscribers and un- paid prized subscribers : or
4. (b) with the previous sanction of the Government. Explanation :- For the purposes of the above proviso, a subscriber of fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.