Form of chit agreement.

Every chit agreement shall be in duplicate and shall be signed by each subscriber or by a person authorized in that behalf in writing by the subscriber and the foreman and attested by at least two witnesses, and it shall contain the following particulars namely:-

1. (1) the full name and the permanent residential address of every subscriber:
2. (2) the tickets held by each subscriber:
3. (3) the number of instalments and the amount payable in respect of each ticket for each instalment: 4-
4. (4) the dates of commencement and termination of the chit:
5. (5) the mode of ascertaining the prized subscriber:
6. (6) the amount of discount which the prized subscriber at any instalment has to forego:
7. (7) the mode and proportion in which the discount is distributable by way of dividend. foreman's commission and other expenses. if’ any:
8. (8) the date, time and place at which the chit is to be drawn:
9. (9) if under the chit agreement the foreman is entitled to the chit amount. the instalment at which the foreman is to get the chit amount:
10. (10) the approved bank or banks in which chit moneys shall be deposited by the foreman under the provisions of this Act:
11. (11) the manner in which a chit shall be continued where a foreman who is an individual dies or becomes of unsound mind: and
12. (12) any other particulars which may be prescribed. Explanation.— It is sufficient to get the signature of each subscriber on separate copies of the agreement.