Limitation.

Finance197370 sections10 chapters

Chapter IX Chapter IX

Statutory text

(1) Where an order refusing to wound up a chit has been made under the Act. the chit shall be deemed to have been under suspension from the date of the presentation of the application to the date of such order in respect of non-prized subscriber, and notwithstanding anything contained in the chit agreement. no non-prized subscriber who was not a defaulter on the date of the presentation of the application for winding up shall be deemed to be defaulter on the date of its dismissal.
(2) Where an order refusing to wind up a chit has been made under this Act, in computing the period of limitation prescribed for any suit or other legal proceedings (other than a suit or an application in respect of which the leave of the court has been obtained) which might have been brought or instituted, the period from the date of the presentation of the application to the date of the order refusing to wind up the chit shall be excluded.
(3) Nothing contained in this Act shall affect the right of the subscriber to proceed by suit or application against the foreman personally for the balance. if any. of the amount due to him after the declaration of the final dividend in the proceedings for winding up the chit and in computing the period of limitation prescribed for any such suit or application, the period from the date of the presentation of the application for winding up the chit to the date of declaration of the final dividend shall be excluded.

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