|Guidelines for Chit Fund Companies|
Get a Registration Certificate
Chit fund Companies operating in Delhi as a practice, first obtain a certificate of incorporation from the Registrar of Companies. The office of the Registrar of Companies (Delhi & Haryana) is at Paryavaran Bhawan, C.G.O. Complex, Lodhi Road, New Delhi.
(A) Requirements for
registration of New Co. with Registrar of Chit Fund, New Delhi.
a) Memorandum and Articles of Association.
1. Age, good health and sound mind.
j) Proof of ownership of the office
1. Proof of property, if any.
q) Form CF-1 in duplicate (application for registration).
(B) Basic requirements
for approval of First Bye-laws
Documents to be submitted at the time of approval of Bye-laws
a. Form CF-1.
(C) Inspection of the Registered Office
After all the prescribed requirements are fulfilled, spot inspection of the proposed registered office of the company will be made by the Chit Fund Department through an Inspecting Officer.
For this purpose, the registered office should be:-
i) having atleast 150
square feet of office area.
Preferably, the company should also display the registered groups with it showing tickets and monthly subscription and the chit value. In case any vacancy is likely to come up in a group, this may also be displayed.
The Bye-Laws submitted for registration shall contain the following particulars:
i) The full name of foreman
conducting chit business.
On receipt of application, the Registrar shall examine the application and Bye-laws in order to satisfy himself that the bye-laws are:
a) in conformity with the
Act and Rules.
and shall grant a certificate of registration in Form CF-II.
(E) Amendment of Bye-laws:
After the Bye-laws have been registered, the chit fund company can apply for the amendment of these bye-laws, if necessary.
Documents required for amendment of Bye-laws:
alongwith a Court fee stamp of Rs.5/-.
When the proposed amendments in Bye-laws are approved, one copy of Bye-Laws duly endorsed for registration of amendment will be issued to the company.
No application for amendment of Bye-laws will be entertained, if the chit group of such Bye-laws has commenced. Under prevailing practice of the department amendment of bye-laws is allowed only once.
(F) After the Registrar, Chit Funds Delhi is satisfied that all the requirements are fulfilled, a certificate for registration of first Bye-laws will be issued to the company.
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