Section 51 of the Chit Funds Act, 1982 – Commencement and effect of winding up order

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Section 51: Commencement and effect of winding up order

An order for the winding up of a chit shall operate in favour of all the subscribers to whom amounts are due from the foreman and it shall be deemed to have commenced from the date of the presentation of the application for the winding up.

Source: official text of The Chit Funds Act, 1982 as published on India Code (PDF). All sections of the Chit Funds Act, 1982.

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