chit definition
chit means a transaction whether called chit, chit fund, chitty, kuri, or by whatever name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to a prize amount,
chit means a transaction whether called chit fund, chit, kuri, or by any other name, by which its foreman [the company] enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum or a certain quantity of grain by installments for a definite period and that each subscriber in his turn as determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement shall be entitled to a prize amount.
chit means a transaction, whether called chit fund, chitty or by any other name, by which its foreman enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum of money or a certain quantity of grain or other commodity, by installments for a definite period and that each subscriber in his turn, as determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement, shall be entitled to a prize amount, whether payable in cash, kind or any other article of value.
More Definitions of chit
chit means a transaction ( whether called chit fund, chit, kuri or by any other name), by which the foreman enters into an agreement with a number of subscribers that everyone of them shall subscribe a certain sum for a certain period and each subscriber in his turn as determined by lot or by auction, shall be entitled to a prized amount.
chit. , as defined by the act, means a transaction by way of which a foreman enters into an agreement with a number of subscribers that every one of them shall subscribe a certain sum of money in periodical installments over a definite period.
chit means a chit as defined in clause (b) of section 2 of the Chit Funds Act, 1982 (40 of 1982);
chit means a transaction whether called chit, chit fund, chitty , kuri, [fraternity fund, Rotating Savings and Credit Institution] or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or
chit means a transaction whether called chit fund, chit kuri or by any other name, by which its ▇▇▇▇▇▇▇ enters in an agreement with a number of subscribers that every one of them shall subscribe a certain sum by instalments for a definite period and that each subscriber in his turn as determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement, shall be entitled to a prize amount.
chit has the meaning set forth in the preamble.