Registration of bye-laws.

Constitution and Registration

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) Save with the permission of the Government. no chit shall extend in duration for a period of more than five years.
3. (3) 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.
4. (4) 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 the bye-"laws of the chit therein mentioned are registered.
5. (5) The Registrar shall retain 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.