Main Objects (MOA) for Chit Fund Company

Reading Time: < 1 minute| (Last Updated On: November 30, 2019)
  1. To carry on the businesses of conducting chits (auction and other chits) daily, weekly, by-weekly, monthly, quarterly and at such intervals as the company may decide from time to time, subject to any prevailing act, rule, regulation of circulars/notification issued by any competent authority under law in India.
  2. To advance money either on security or without it on such terms & conditions as the company may decide in a specific situation to the subscribers of the chits and to guarantee the performance of the contract by any such person, subject to Prize Chits and Money Circulation Schemes (Banning) Act 1978.Main Objects for Chit Fund Company
  3. To carry on and promote business in India and elsewhere, forming mutual groups of chits fund, and mutual and conduction of chits by way of auction or otherwise at regular intervals and to canvas subscribers, members and patrons present or prospective to the said chit and frame rules, regulations and conducting the said chits.

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