(1)
No person shall carry on chit business unless he uses as part of his name any of the words “chit”, “chit fund”, “chitty” or “kuri” and no person other than a person carrying on chit business shall use as part of his name any such word.
(2)
Where at the commencement of this Act,—
- any person carrying on chit business without using as part of his name any of the words specified in sub-section (1); or
- any person not carrying on chit business is using any such word as part of his name,