Chitty Rules of Ksfe Ltd

Topics: Real estate, Balance sheet, Real property Pages: 70 (20540 words) Published: August 25, 2012
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Government of Kerala tIcf k¿°m¿ 2012 Reg. No. cPn. \º¿ KL/TV(N)/12/12-14 2. Definitions.— (1) In these rules, unless the context otherwise requires,— (a) “Act” means the Chit Funds Act, 1982 (Central Act 40 of 1982);

(b) “Appendix” means Appendix I or as the case may be Appendix II to these rules; (c) “Assistant Registrar’’ means an Assistant Registrar of Chits appointed under section 61 of the Act; (d) “authorised agent” means a person duly authorised by a power of attorney executed and authenticated or registered in accordance with the provisions of the Registration Act, 1908 (Central Act XVI of 1908) or a person authorised by a letter of authorisation specified in Form XX A in Appendix I to these Rules by the person concerned; (e) “Deputy Registrar” means a Deputy Registrar of Chits of the District and includes, the Deputy Registrar of Chits in the office of the Registrar; (f) (g) “Form” means a Form in Appendix I to these Rules; “section” means a section of the Act;


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Thiruvananthapuram, Tuesday

5th June 2012

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15 Jyaishta 1934


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GOVERNMENT OF KERALA Taxes (C) Department NOTIFICATION G. O. (P) No. 94/2012/TD. Dated, Thiruvananthapuram, 4th June, 2012.

(2) Words and expressions used in these rules but not defined therein shall have the same meanings respectively assigned to them in the Act.

CHAPTER II CONSTITUTION 3. Appointment of Officers.— (a) The Inspector General of Registration appointed under the Registration Act, 1908 (Central Act XVI of 1908) shall be the Registrar of Chits. (b) An Additional Registrar of Chits, a Joint Registrar of Chits and a Deputy Registrar of Chits shall also be appointed in the office of the Registrar to assist the Registrar. (c) Every District Registrar (General) of the Registration Department shall be the ex-officio Deputy Registrar of Chits of the respective Districts and he shall be the “Authorised Officer” for the purpose of section 4 of the Act.

S. R. O. No. 397/2012.—In exercise of the powers conferred by section 89 of the Chit Funds Act, 1982 (Central Act 40 of 1982), the Government of Kerala, in consultation with the Reserve Bank of India, hereby make the following rules, namely:— RULES 1. Short title and commencement.–—(1) These rules may be called the Kerala Chit Funds Rules, 2012. (2) They shall come into force at once. 33/2365/2012/DTP.

(d) Every Sub-Registrar appointed under the Registration Act, 1908 (Central Act XVI of 1908) shall be the ex-officio Assistant Registrar of Chits within the local limits of his jurisdiction. (e) An “Inspector of Chits” and a “Chit Auditor” shall be appointed by the State Government for each District.

(4) The Inspector of Chits shall make necessary enquiries and submit a concrete report containing his specific remarks and recommendations as to the eligibility/fitness or otherwise of the case for sanction, to the Deputy Registrar of Chits. (5) The Deputy Registrar may, on receipt of the report of the Inspector of Chits, after considering all relevant facts and satisfying himself in that regard, (i) either accord or refuse to accord sanction, or (ii) call for such further information or facts or materials, which, in his opinion, are necessary for arriving at a decision and, after considering them, accord or refuse to accord sanction. (6) A copy of the order according or refusing sanction shall be communicated to the Assistant Registrar of Chits who forwarded the application. 5. Communication of refusal to sanction commencement or conduct of a chit.—(1) Where sanction for the commencement or conduct of a chit is refused, the reasons for such refusal shall be recorded in writing and a copy thereof shall be communicated to the applicant. (2) Before refusing such sanction, the Deputy Registrar shall issue...
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