CF Act 11Chapter II · Registration of Chits, Commencement and Conduct of Chit Business
Section 11 · Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution"
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1[(1) No person shall carry on chit business unless he uses as part of his name
any of the words "chit", "chit fund", "chitty", "kuri", "fraternity fund" or "Rotating Savings and Credit
Institution" and no person other than a person carrying on chit business shall use as part of his name any
such word.br
(2) Where at the commencement of this Act,—br
(a) any person is carrying on chit business without using as part of his name any of the words specified in sub-section (1); orbr
(b) any person not carrying on chit business is using any such word as part of his name, he shall, within a period of one year from such commencement, add as part of his name any such word or, as the case may be, delete such word from his name:br
Provided that the State Government may, if it considers necessary in the public interest or for avoiding any hardship, extend the said period of one year by such further period or periods not exceeding one year in the aggregate.]
(2) Where at the commencement of this Act,—br
(a) any person is carrying on chit business without using as part of his name any of the words specified in sub-section (1); orbr
(b) any person not carrying on chit business is using any such word as part of his name, he shall, within a period of one year from such commencement, add as part of his name any such word or, as the case may be, delete such word from his name:br
Provided that the State Government may, if it considers necessary in the public interest or for avoiding any hardship, extend the said period of one year by such further period or periods not exceeding one year in the aggregate.]
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