chit fund definition
chit fund means a scheme or arrangement based wholly on the terms and conditions set out in section 24 or the regulations made thereunder 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;
chit fund means a scheme or an arrangement based wholly on the terms and conditions set out in section 24 or the regulations made thereunder or any scheme or arrangement