Main Object Of CHIT FUND Company
1. To carry on the business of conducting chits (auction and other chits), daily, weekly, monthly and at such interval as the company may decide from time to time and to canvass and admit subscribers for Auction Chit Schemes or other Benefit schemes (not amounting to lotteries), subject to the provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
2. To lend money either with or without security upon such terms and conditions as the company may think fit to subscribers of the chits and to guarantee the performance of the contract by any such person, subject to the provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
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