Chit Funds Act 1971 s 19

s 19 When scheme or arrangement deemed to be chit fund

19. Any scheme or arrangement which is based wholly on the essential terms and conditions set out in section 24 or has all the attributes and incidents of a chit fund within the scope and intent of that section is, even though it is called by any other name, deemed to be a chit fund for the purposes of this Act.

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