Chit Funds Act, 1982 | Act No. 40 of 1982

Section 41 - Copy of assent or consent to be filed with Registrar

Section 41 creates a time-bound filing requirement where an assent under Section 26 or a consent under Section 40(b) is given in relation to a chit. The relevant true copy, together with its date, must be filed with the Registrar.

Text of Section 41

A true copy of every assent referred to in section 26 and of every consent referred to in clause (b) of section 40 with their dates shall be filed by the foreman or by the surviving partner or partners, as the case may be, with the Registrar within fourteen days from the date of such assent or consent.

Meaning and scope of Section 41

The provision is a statutory filing requirement linked to two events under the Act. It does not itself create the assent or consent; instead, it requires documentary filing with the Registrar after the assent or consent contemplated by the connected provisions has been given.

Key requirements

Document: A true copy of the relevant assent or consent.
Date: The copy should show the date of the assent or consent.
Person responsible: The foreman, or the surviving partner or partners, as applicable.
Authority: The Registrar under the Chit Funds Act.
Normal time limit: Within fourteen days from the date of the assent or consent.

How Section 26 is connected

The Chit Funds Act, 1982 regulates the withdrawal of a foreman through Section 26. A foreman cannot withdraw before termination of the chit unless the withdrawal has the written assent required by that provision and a copy of the assent is filed with the Registrar under Section 41. Section 41 therefore supplies the filing mechanism for that assent.

How Section 40(b) is connected

Section 40 deals with termination of chits. Under clause (b), a chit may be treated as terminated where the specified subscribers and the foreman consent in writing to termination and a copy of that consent is filed with the Registrar as required by Section 41. The filing requirement is therefore part of the statutory process for termination by written consent.

Extension of filing time under Section 75

Section 75 is also relevant to compliance with Section 41. It empowers the Registrar, on a written application made by the foreman within the original filing period, to allow further time not exceeding fifteen days for filing specified documents, including documents under Section 41. The availability of an extension depends on compliance with the conditions stated in Section 75.

Practical compliance points

For record-keeping, the person responsible for filing should retain the dated assent or consent, the true copy submitted to the Registrar, and proof of filing. Because administration of chit funds can involve State or Union Territory rules and prescribed procedures, the applicable local rules and Registrar requirements should also be checked before filing.

Official legal source

The consolidated Central Act can be checked on India Code, the Government of India legislative database. The Chit Funds (Amendment) Act, 2019 amended several provisions of the principal Act; the current consolidated text should therefore be used when reading the Act as a whole.

Official India Code - Chit Funds Act, 1982

Note: This page provides general legal information and the statutory text for reference. For a particular filing or dispute, verify the applicable rules, notifications and requirements of the competent Registrar.