Winding up application.

The application to the court for the winding up of a chit shall be by a petition presented by any non-prized subscriber or unpaid prized subscriber or by the Registrar. signed and verified in the manner prescribed by the Code of Civil Procedure. 1908 (Central Act 5 of 1908) and shall contain such particulars as may be prescribed:

Provided that no application for the winding up of a chit under clauses (d) and (h) of section 39 shall lie unless such petition is presented

1. (a) by those non-prized subscribers and those unpaid prized subscribers whose subscriptions to the chit amount in the aggregate is atleast twenty-five per cent of the amounts contributed by all the non-prized subscribers and unpaid prized subscribers. or
2. (b) with the previous sanction of the Government.