Terms and Conditions of Chit Membership

MYM CHIT FUND PRIVATE LIMITED

  1. Introduction

    This agreement is entered into between MYM CHIT FUND PRIVATE LIMITED (the "Foreman") and the Subscriber (the "Member") for participation in the Chit Scheme under the Chit Funds Act, 1982.

  2. Membership and Allotment of Chit

    The Foreman allots the specified Chit Membership to the designated Chit Group upon acceptance of the Member’s proposal.

  3. Subscriber Details

    The Member shall provide accurate personal details including full name, address, occupation, date of birth, nominee details, and required documentation.

  4. Payment of Contributions

    Installments must be paid on or before the due date via cheque, bank transfer, or cash. Late payments will attract penalties as specified.

  5. Conduct of Auction

    Monthly auctions are held at the appointed time. Bids start from the Foreman’s commission and proceed in multiples of Rs. 500. Highest bid wins, with ties decided by lot. Only authorized Members or proxies may participate.

  6. Disbursement of Prize Money

    Prized Subscribers must furnish security. Prize money is paid after submission of required documents, excluding taxes and fees, which are borne by the Member.

  7. Security and Guarantees

    Security may include bank deposits, property, insurance, or personal guarantees. Retained until dues are cleared. Nominees or heirs may claim prize money after formalities in case of Member’s death or incapacity.

  8. Default and Penalties

    Delayed payments attract a 5% penalty (minimum Rs. 10). Non-payment may lead to removal from the scheme.

  9. Transfer and Substitution of Membership

    Requires prior approval and payment of Rs. 350, along with necessary documentation.

  10. Termination and Liquidation

    Scheme termination occurs if the Foreman ceases operations. Legal proceedings follow the Companies Act or Chit Funds Act.

  11. Inspection and Verification

    Members may inspect scheme records with prior notice and applicable fees.

  12. Miscellaneous

    All dues and charges are recoverable through legal channels. Foreman not liable for delays due to external factors. Terms governed by Chit Funds Act, 1982.

  13. Nomination, Death, and Succession

    Nomination is mandatory. Nominees or legal heirs may claim prize money after completing formalities. Heirs are liable for outstanding dues.

  14. Charges and Expenses

    Members bear all charges for verification, legal fees, registration, and stamp duty.

  15. Amendments

    The Foreman may amend these terms as per legal requirements.

  16. Acceptance

    Participation signifies acceptance of these Terms and Conditions.