CF Rules 33Chapter IV · Winding up of chits

Section 33 · Proposal for collection and distribution of chit assets

(1)

The Receiver shall as soon as possible settle and submit to the Registrar a statement (hereinafter referred to as the Provisional Statement) showing :-

(a)

The name of subscribers and other persons from whom moneys are due to the chits;

(b)

The names of the subscribers and other persons to whom money are due from the chit;

(c)

Proposal as to how the chit assets are to be collected and applied in the discharge of its liabilities; and

(d)

The amount proposed to be paid to each of the persons specified in clause (b).

(2)

Notice of the preparation of the Provisional Statement accompanied by a copy thereof shall be published and be served on the petitioner, the subscribers and other person mentioned by the Receiver in such manner as the Registrar may direct. If the number of persons on whom notice is to be served is large, the notice may in the discretion of the Registrar, be served on the petitioner only and advertised in one or more daily newspapers. The notice shall specify the date on which objections to the Provisional Statement will be heard and shall call upon any person having such objections :-

(i)

To submit his statement of objections and the grounds therefore supported by an affidavit before the date appointed by the Registrar in this behalf; and

(ii)

To appear in person or by advocate on the date of hearing with all the evidence in support of his objections.

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