Chit Funds Act 1971 · 2020 Revised Edition · Part 4 · Chit Funds — General Provisions
42. Financial limits to be observed by chit funds
Feedback & supportThe total value of the chit fund to be conducted at any one time by a chit fund company must be as prescribed by regulations made under this Act.
chit fund
“chit fund” means a scheme or an arrangement based wholly on the terms and conditions set out in section 24 or the regulations made under this Act or any scheme or arrangement that is deemed to be a chit fund under section 19 but does not include any scheme or arrangement which only partakes of the nature of a chit fund within the meaning of section 20;
For the purposes of this section, the “total value of the chit fund” means the aggregate of the chit fund amounts that are to be collected and put up for sale during the period of that chit fund.