KERALA CHITTIES ACT 1975 PDF

[Act 23 of ]. Preamble. An Act to define, amend and consolidate the law relating to chitties in the State of Kerala;. WHEREAS it is expedient to define, amend. RBI prepared a Draft Bill. The Kerala Chitties Act. The Chit Funds Act. The laws relating to chitties in force of Kerala State. appellant was that the plaintiff has violated the Kerala Chitties Act, and contended that there was no previous sanction Government as required under .

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Such commencement is dependent upon notification under Section 1 3.

If any foreman makes default in keeping the books as required by section 18, he shall be punishable with fine which may extend to one hundred rupees. Transfer to be in writing. To find out more, including how to control cookies, see here: Because of this, investor protection became difficult. Provided further that such previous sanction shall not be necessary for starting and conducting any chitty by” i a company owned by chjtties Government of Kerala; or ii a co-operative society registered or deemed to be registered under the Co-operative Societies Act for the time being in force; or iii a scheduled bank as defined in the Reserve Bank of India Act, ; or iv a corresponding new bank constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, Central Act 5 of Provided that the previous sanction under this sub-section shall lapse unless the chitty is registered before the expiry of six months from the date of such sanction:.

If a non-prized subscriber defaults to pay his subscription in accordance with the terms of the variola for a period of one month, chjtties foreman may, after intimating him by written notice, remove his name from the list of subscribers and substitute any other person in his place:.

Thangal Kunju Musaliar v. This view finds support in the judgment of this Court in Tulloch supra.

Such repugnancy had to arise in the mind of the legislature and the State Legislature was bound to take note of the Central Act. Moreover, the intention to override the State laws is clearly manifested in the Central Act, especially Section 3 which makes it clear that the provisions of the Central Act shall have effect notwithstanding anything to the contrary contained in any other law for the kefala being in force. Applying these tests, it was submitted that the Kerala Chitties Act, became void under Article 1 on the enactment of the Central Chit Funds Act, The answer obviously points to Section 1 3 which authorises the Government to bring the Act into force on a later date by issuing a notification.

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Provided further that such previous sanction shall not be necessary for starting and conducting any chitty by”. Provided further that no person shall be entitled to start kerala chitties act keralw chitty of the class specified in this sub-section till the expiry of the term of such a chitty already started.

chitties kerala

To put the matter in another way, if the entire Act including Section 1 3 was not in operation on This Article deals with distribution of legislative powers as between the Union and the State Legislatures, with reference to the different Lists in the Seventh Schedule.

Saving of some chitties. So far as the present State Act is concerned we are called upon to consider the various shades of the constitutional validity of the same under Article 2 of the Constitution.

Till date, the said Act has not been extended to the State fhitties Kerala.

To the general rule laid down in Clause acctClause 2 engrafts an exception viz. After bringing these provisions into operation, State of Orissa demanded from Tulloch and Company on August 1, fees for the period Kersla, to March, XIV ofa controversy was raised that as the said Act No. Provided that no person shall conduct such a chitty except under a permit issued by such authority and in accordance with such terms and conditions as may be prescribed by the Government: This naturally means that where both the State and Parliament occupy the field contemplated by the Concurrent List then the Act passed by Parliament being prior in point of time will prevail and consequently the Oerala Act will have to yield to the Central Act.

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Inspection of documents in Registrar’s Office.

Supreme Court nullifies Kerala Chit Fund Act

Further, each chittiex every aspect relating to the conduct of a Chit as sought to be covered by the State Act has been touched upon by the Central Act. This argument was rejected by this Court. One more aspect needs to be highlighted. Section 6 would be applicable in such cases unless the new legislation manifests a contrary intention or incompatibility.

KERALA CHITTIES ACT 1975 PDF DOWNLOAD

That Ordinance was for a temporary period. The above statement of law in Pt. Provided further that the maximum limit specified in the foregoing proviso shall be two lakhs rupees in the case of any chitty of which the foreman is a banking company as defined in the Banking Regulations Act, Central Act 10 of or a corresponding new bank constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, Central Act 5 of The only question that arose was whether Parliament and the State Legislature sought to exercise their powers over the same subject matter or whether the laws enacted by Parliament were intended to be a complete exhaustive code or whether such Acts evinced an intention to cover the whole field.

How could Section 1 3 operate and make the said Act applicable to 17 States between 2. Provided also that nothing contained in this sub-section shall apply in the case of any chitty of which the foreman is a company owned by the Government of Kerala. In both the situations, the Parliamentary Legislation will predominate, in the first, by virtue of non-obstante clause in Article 1 ; in the second, by reason of Article 1. The respective Lists merely demarcate the legislative fields or legislative heads.