Clause 60

Where any public or private company or firm holds itself out to be a licensed chit fund company when it is not licensed under this Act, such company or firm shall be guilty of an offence under this Act, and every director, manager or every officer of such company or the proprietor, partner or officer of such firm shall, unless he proves that such holding out by the company or firm was made without his knowledge or consent, be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding four thousand dollars or to both such imprisonment and fine.