1. Introduction
Welcome to Sri Vannamayil Chits. By accessing or using our website
https://srivannamayilchits.com/, you agree to comply
with and be bound by the following terms and conditions. Please read them carefully.
2. Eligibility
To participate in our chit fund schemes, you must be at least 18 years
old and legally capable of entering into a binding contract as per the Indian Contract Act, 1872.
3. Chit Agreement
- Execution: Every chit agreement shall be executed in duplicate and signed by each
subscriber or their authorized representative, along with the foreman, and attested by at least
two witnesses.
- Contents: The agreement will include details such as the names and addresses of
subscribers, ticket numbers, installment amounts, duration of the chit, and other relevant terms
as mandated by the Chit Funds Act, 1982.
4. Subscriber Obligations
- Timely Payments: Subscribers are required to make payments as per the schedule
outlined in the chit agreement. Late payments may attract penalties as specified.
- Participation in Auctions: Subscribers can participate in chit auctions either
directly or through an authorized representative.
5. Foreman Responsibilities
- Management: The foreman is responsible for conducting the chit operations,
including organizing auctions, collecting installments, and disbursing funds to prized
subscribers.
- Security: The foreman shall provide security as stipulated under Section 20 of the
Chit Funds Act, 1982.
6. Termination and Withdrawal
- Subscriber Withdrawal: Subscribers wishing to withdraw must provide notice as per
the chit agreement terms. Refunds, if applicable, will be processed according to the agreement.
- Termination: The chit may be terminated under circumstances outlined in the
agreement or as per the provisions of the Chit Funds Act, 1982.
7. Dispute Resolution
Any disputes arising out of or in connection with the chit operations
shall be resolved amicably. If unresolved, they shall be referred to arbitration in accordance with
the Arbitration and Conciliation Act, 1996.
8. Governing Law
These terms are governed by and construed in accordance with the laws of
India. Jurisdiction for any disputes shall be the courts located in Tamil Nadu.
9. Amendments
Sri Vannamayil Chits reserves the right to amend these terms at any time.
Changes will be communicated through our website or other appropriate channels.