[Act 23 of ]. Preamble. An Act to define, amend and consolidate the law relating to chitties in the State of Kerala;. WHEREAS it is expedient to define, amend. RBI prepared a Draft Bill. The Kerala Chitties Act. The Chit Funds Act. The laws relating to chitties in force of Kerala State. appellant was that the plaintiff has violated the Kerala Chitties Act, and contended that there was no previous sanction Government as required under .

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Kerala Chitties Act, Short title, extent and commencement.

Of Constitution and Registration. Prohibition of chitty not sanctioned or registered under this Act. Prohibition of invitation for subscription except under certain conditions. Saving of some chitties. Copies of variola to be given to subscribers and acknowledgements to be filed.

Time and place of conducting chitty. Minutes of proceedings chutties drawing of chitty. Copy of minutes to be filed with Registrar. Security to be given by foreman. Books to be kept by foreman. Punishment for failure to keep books. Liability of foreman to subscribers. Non-prized subscribers to pay subscriptions and get receipts.


Removal of defaulting subscribers. Amount due to defaulting subscriber how dealt with. Prized subscriber to sign minutes of proceedings. Prized subscriber to give security. Consequences of prized subscriber defaulting to pay subscriptions. Foreman to give notice in writing before demanding payment of all future subscriptions. Transfer of rights of foreman when voidable.


Transfer to be in writing. Recognition of transfer by foreman. Entry of transferee’s name in the books. Of Meetings of the General Body of Subscribers.

Supreme Court nullifies Kerala Chit Fund Act

How meetings to be held. Of Termination of Chitties. Provision for continuation of chitties in certain cases. Copy of resolution, etc. Refund of non-prized subscribers subscription.

Preference of subscribers over chitty assets. Of Inspection of Documents.

Foreman to allow subscriber to examine chitty records. Preservation of chitty records by foreman. Inspection of chitty books and records. Of Winding up of Chitties.

chitties kerala

Chitty when to be wound up. Insolvency or liquidation a bar to winding up proceedings. Commencement and effect of winding up order.


Powers of court on hearing the petition. Vesting of chitty assets in receiver. Suits stayed on winding up order. Copy of winding up order to be filed with the Registrar.

Stay of winding up proceedings on insolvency of foreman and transfer of insolvency proceedings. Award of compensation to foreman. Registration Office and Fees. Appointment of Registrars, inspecting officers and chitty auditors.

Inspection of documents in Registrar’s Office. Penalty if the foreman is a company. Penalty for false statement. Power to enter and search any place and to seize documents, etc.

Interest at more than 9 per cent not to be allowed on grain. Power of courts to grant relief in certain cases. Protection of chifties taken under this Act. Power to make rules.

Recovery of amounts due from foreman. Application of Act to certain existing chitties. Power to remove difficulties.