Chit fund company
This query is : Resolved
10 August 2018
Can any one please provide MOA of a chit fund company
10 August 2018
Main object clause accepted by ROC is given here under.
To start and conduct kuries namely transactions entered into by the company with a number of persons that every one of the contracting parties shall subscribe a certain amount of money by periodical installments for certain definite periods and that each in his or her turn as determined by lot or by auction or both shall be entitled to the
prize amount less discounts as may be provided fit in the agreement, but the
company shall not carry on the business of banking within the meaning of Banking
Regulations Act, 1949.
To start and conduct kuries namely transactions entered into by the company with a number of persons that every one of the contracting parties shall subscribe a certain amount of money by periodical installments for certain definite periods and that each in his or her turn as determined by lot or by auction or both shall be entitled to the
prize amount less discounts as may be provided fit in the agreement, but the
company shall not carry on the business of banking within the meaning of Banking
Regulations Act, 1949.
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