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ARTICLE OF TERMS AND CONDITIONS :-
 iCARE CHITS & FINANCIAL SERVICES
(A Division of Care Connections (P) Ltd.) ,  Branch: Jammu
Reg. Office: 1st floor, Suburban Buildings, 
Mamangalam, Cochin - 682 025. Ph: 331998,

MONTHLY KURY (CHIT)(To be started form Jammu branch)
25 Tickets 25 Instalment. (One drawing & two auctions at every instalment
Total Chit amount Rs. 100,000 /-. Per number Rs. 4000/-.
ARTICLE OF TERMS AND CONDITIONS: -
Article of terms and conditions Which the foreman proposes to enter into with subscribers for the raising and advancing of money from and to the subscribers and for that purpose acting as agents for the subscribers subject to the following conditions.
1. FOREMAN
The foreman of the chit is icare Chits & Financial Services, a division of Care Connections (P) Ltd. Registered in Kerala state under the companies' act 1956, and having its registered office at Ernakulam. The chit shall be started and conducted at its Jammu branch at Jammu Subject to the terms and conditions set forth here under.
2. CONSTITUTION AND TOTAL CHIT VALUE
a) The chit comprises 1 divisions, each division with.25 tickets of Rs. 4,000/- each, thus having 25 tickets altogether. Thus the total capital of the chit is Rs. 100,000/- as noted in the schedule below:
Instalment Amount           - 4,000	
No. of Instalments            -  25
Total No. of tickets          -  25
Total Chit Amount           - 100 000/-
Bonus	                         - 2,000/-
Prize amount at drawing    - 92,000/-
b) Each number shall be entered in the chit register and numbered serially from 1 to 25
3. COMMENCEMENT AND TERMINATION
The chit shall commence from the 10th day of -------- and shall terminate by the 10th day of -------. The chit will be conducted on the 10th day of every month at the branch office of the company at Jammu, the first Instalment being on ---------.
4. SUBSCRIBERS
 
a) The intending subscribers shall have fully understood all the regulations of the chit here in incorporated, which shall form the basis of the application for the enrolment as a subscriber, and they shall be deemed to have agreed to abide by the same and to have become subscribers on that basis.
b) Subscribers may be enrolled on receipt of the applications in the prescribed from indicating the number of the tickets, which they intend to subscribe, duly signed and witnessed by a respectable person and accompanied by the amount of the first instilment. The foreman reserves the right to accept or refuse the admission of any application without assigning any reason what so ever.
5. AUCTION AND DRAWING
Auction of each kury shall be commenced with a deduction of 8% (0% fixed Discount and 2 % bonus) and finalised in favour of the member who bid deducting maximum amount. If there are more than one subscriber participant in auction bidding on the same upset deduction the auction will be finalised by lot 6% of the chit amount in each class shall be the foreman's commission 0% of the chit amount in each class shall be treated as bonus which shall be distributed to the subscriber's who are paying the instalments on or before the due chit date and the rest of the amount shall be credited equally to all other subscribers.
6. PRIZE AMOUNT
a) Out of the total chit amount of each auctioned ticket constituting the number drawn, an amount of 2,000/- and an amount of Rs. 0 shall be deducted as bonus and fixed discount respectively as indicated in the schedule. Thus the total Bonus and fixed discount on the account of each number drawn shall be Rs. 2,000/- and the prize amount there on shall be Rs. 92,000/- per ticket.
b) The auction of the tickets shall be conducted one after another subject to the conditions set out in rule 7 below. The auction shall commence from the prize amount of the ticket (i.e. Rs. 92,000/-) and continue on a competitive bidding basis to the maximum extend of Rs. 70,000/- per tickets.
The amount of discount over and above the bonus and fixed discount here in after referred to as Auction Discount.
7. CONDITIONS REGARDING AUCTIONS
a) Defaulters in payment of subscriptions shall not be allowed to participate in the auction proceedings unless subscribed up to date Auction shall commence from the prize amount of Rs. 92,000/- per ticket (i.e. chit amount of Rs. 100,.000/- less Bonus, fixed discount and foreman's commission) and continue on a competitive bidding basis reducing the prize amount bid after bid subject to the minimum of Rs. 70,000/- here in fixed. The auction shall be confirmed in the name of the ticket holder or group of ticket holders who arrive at the highest reduction in the prize amount at the close of auction proceedings. This procedure in auction will be adopted in future instalment. The prize amount relating to the ticket auctioned shall be the total chit amount of Rs. 100,000/- less the amount of the auction discount inclusive of bonus, fixed discount and foreman's commission, which the successful bidder has foregone in the auction proceedings per ticket.
 
No subscriber will be allowed to auction his/her ticket or tickets for an amount less than at the rate of Rs. 30,000/- per ticket. If there are more subscribers than the ticket available for auction to bid at the minimum rate fixed above, the successful bidders for minimum prize will be decided by drawing the serial numbers of the subscribers who volunteer to bid for the minimum amount so fixed. If any subscriber is not able to attend the auction he can authorise any person or even the foremen to bid his number on his behalf and the foreman be obtained form the foreman may act on such authorisation. All acts of the person so authorised shall be finding on the ticket holder concerned. Form of authorisation shall be obtained from the foreman and returned sufficiently early duly filled up and signed appointing his proxy.
b) If there be no subscriber forthcoming to bid anyone of the tickets for an amount higher than the fixed discounts, such tickets instead of auction shall be conducted as per rules to determine the prize winner. The number drawn or auctioned (the number auctioned being determined as aforesaid  shall be removed from the lot.
& PAYMENT OF PRIZE AMOUNT
a) The prize winners or successful bidders at any instalment shall be entitled to receive the prize amount as described in the rule 6, fifteen days after the immediately succeeding instalment. Before drawing the prize amount they have to furnish sufficient security to the satisfaction of the foreman and execute necessary documents guaranteeing further payments in the chit at the expense of the ticket holders concerned subject to stamp duty and registration laws. They shall also fill up and sign the receipt form attached to the chit pass book supplied to them.
b) Results of the draw shall be intimated to the subscribers concerned. The prizewinners and successful bidders shall give the foreman, in writing, the nature of the securities intended to be furnished for the regular payment of the future instalment in the chit. Unencumbered landed property other than agricultural land, guarantee by two or more individuals with adequate salary or assets, life insurance policy with adequate surrender value to cover the future subscription in the chit, fixed deposit receipt of scheduled bank. are some of the securities generally accepted by the company In any case the securities offered shall be sufficient for the realisation of the future subscription in the chit and interest, court expenses etc. If necessary which shall be decided by the foreman, whose decision shall be final for all purposes. The expenses that may have to be incurred in connection with making any enquiry regarding the properties offered as security and inspection thereof and all other incidental charges such as stamp duty, registration fees, encumbrance certificate charges documentation fees etc. in connection with the execution of necessary documentation shall be borne by the respective subscribers.
9. FOREMAN'S COMMISSION AND SUBSCRIBER'S DIVIDEND
a) Out of the total chit value of each ticket an amount of Rs. 6000/- will be appointed towards foreman commission and an amount of 
Rs. 2000/- is set apart for distributing bonus to prized, bid non-prized and not bid ticket in proportion to the value of the ticket. But however bonus amount is eligible only to those who pay their subscriptions on or before the due date.
b) Subscribers, who are entitled to enjoy the benefits of dividends aforesaid, may deduct the same from the instalment amount and need pay only the balance towards subscription.                                                                                     
10. CHIT DATE
The chit will be conducted on 10th day of every month at the branch office of the foreman at Jammu. The chit subscription will be received on those days as also on other working days from 10 AM to 5 PM at the registered office at Ernakulam for convenience. The drawing and auction as described in rule 5, commence from 4 PM if any chit instalment falls on Sunday or any holiday observed by the foreman, the same shall be conducted on the next working day at the same place and the same time.
11. PAYMENTS OF SUBSCRIPTION
The subscribers shall pay the instalment amounts on or before the 10th day of every month during the office hours and get such payments acknowledged in the chit passbook supplied by the foreman and signed by the principal officer in charge of the office. For the convenience of the subscribers for making payments of the instalment amount, arrangements have been made with bank in important centres. The subscription may be paid by money order, bank draft, cheque, or by remittance at authorised banks. Money order commission or bank charges for collect on for cheques and drafts shall be borne by the subscriber concerned. In the case of cheques, they should be send sufficiently in advance of the due date. In the case of remittance of the subscription at authorised banks or by post, the receipt obtained for such remittance shall be valid evidence of payment of subscription until the same are entered in the chit passbook.
12. FORFEITURE OF NON-PRIZED AND NON-BID TICKETS
Non prize and non bid subscribers, making default of any instalment, may pay the subscription thereof with a late fee of Rs. 2/ day for a ticket valued Rs. 4,000/- on or before the date of immediately succeeding instalment. If default is made to pay the subscription at the later instalments also, the subscriber shall be allowed to pay the subscription with a late fee of Rs. 2/day on a ticket valued at Rs. 4,000/- on before the date of third instalment since the date of the first default. But three consecutive defaults deprive the defaulters of their rights to be subscribers in the chit unless otherwise allowed by the foreman. In the case of three consecutive defaults deprive the defaulters of their rights to be subscribers in the chit unless otherwise allowed by the foreman, in the case of three consecutive default the foreman obtains the right to substitute itself and subscribe for such tickets or enrol fresh subscriber instead and to stipulate necessary terms and conditions in connection there with according to his discretion. Non removal from the list of subscribers or non substitution of another in such cases shall not be construed as having allowed the defaulter to continue as a subscriber as forfeiture takes place automatically in the case of three consecutive defaults.
13. CONSEQUENCES OF FORFEITURE
In the case of forfeited ticket the subscriber concerned shall lose all benefits of dividends acquired and all other privileges attached to the tickets. But the number comprising the ticket shall continue to remain in the lot. Which drawn in any of the subsequent drawing entitles the defaulter of the actual amount subscribed for by him, exclusive of all dividends and less the amount of Rs. 6,000/- on the particular ticket being commission of the foreman. The amount, which is thus entitled, will be paid after eight months since the date of drawing of this defaulted ticket on surrendering the chit pass book together with requisite discharge receipts.
 
14. LIABILITY OF CONSOLIDATED PAYMENT OF FUTURE SUBSCRIPTION
Non payment of subscription in respect of prized or bid tickets on or before the due date deprives such subscriber of the benefits of dividend resulting from auction discount and he shall pay the instalment amount in full on or before the date of the immediately next instalment with interest thereon at 12% per annum. On failing to pay the said amount at the later instalment also, all the future instalment amount till the termination of the chit with the amount of arrear instalments without having the advantage of dividends occurred and occurring and with interest at 12% per annum on consolidated amount of the arrears and future subscriptions from the date of the direst default shall be paid immediately in a lump. But the foreman may at its option after receiving all or part of the defaulted amount with interest, or after entering into any agreement with any of the executants, of the security bond, even without the knowledge and consent of other executants condone the defaults and allow the payment of subscription in instalment as if no default had occurred. This condemnation shall not, in any way discharge the liability of any of the executants of the security bond, even though some of them be securities.
15. LIABILITY OF SUBSCRIBERS TO FURNISH ADDITIONAL SECURITY
If at any time after drawing the prize amount., the security already furnished by the subscriber is found to be insufficient and additional security is demanded by the foreman, all the executants of the security bond are equally liable to furnish again approved additional security to the satisfaction of the foreman, falling which the foreman has the right to claim and realise immediately the whole amount of future instalments and arrear instalments, if any in lamb with interest at the rate of 12% per annum from the date of notice for furnishing additional security.
16. SET OF UNDRAWN PRIZE AMOUNTS
If the prize amount is not drawn by the prized or bid subscribers after the due date and if the subscriber concerned is not remitting the subscription, the foreman has the right to set off from the prize amount; the instalment amount falling due. If however, any balance amount is found to be still outstanding to pay completely the future instalments after effecting the set of as aforesaid the subscribers shall be liable to pay such deficit amount with interest at 12% per annum. The foreman will allow interest at 3% per annum on the amounts remaining with the foreman after making the set of towards the instalment amounts.
17. FOREMAN'S LIEN
If the subscriber is indebted to the foreman personally or as surely, in any other transaction, there shall be a paramount charge on the subscriptions [aid by him or the prize amount relating to his tickets, in favour of the foreman. The foreman has got the right to set of the amount towards the amounts due to the foreman, the balance if any, will only be paid to the subscriber.
18. ASSIGNMENT, TRANSFER, PLEDGE ETC.
In the case of transfer, assignment and pledge of chit rights, such transaction shall be in writing and duly stamped. The request for the transfer, pledge, or assignment shall be made in the prescribed form and got approved by the foreman. The document relating to the transaction shall be signed by the subscriber and produced before the foreman together with a declaration by the transferee that he is bound to abide by the rules and regulations of the chit. The foreman shall attest the endorsement regarding the transaction in the chit passbook signed by the ticket holder concerned. But in no case, transfer of defaulted tickets shall be recognized by the foreman unless subscribed up to the date of transfer. Any transaction effected otherwise than in conformity with the above, shall not be binding on the foreman. A fee of Rs. 5.00 will be charged for registering the transfer or recording the lien in the chit registers.
19. AMENDMEENTS
The foreman reserves itself the right to amend, alter or add to the above mentioned rules if deemed expedient for the proper conduct of the chit such as the change in the date of commencement of the chit. shifting the branch office to any other suitable place etc., The foreman has also got the right to change the date of the chit instalments to any other convenient date and the subscribers shall be given sufficient notice of such change, if any. The drawing and auction shall take place as per rules on such changed date.
The above rules and regulations relating to this chit have been read by / to me and understood by me and I fully assent to the same and agree to abide by the same.
Send DD/Cheque in favour of icarechits & Financial Services payable at Ernakulam.