Are Committee Meeting Minutes confidential?
The Board may occasionally consider it justifiable for minutes of a meeting or items within minutes to remain confidential. Minutes will be treated as confidential on the grounds that they: a. Contain information of a commercially sensitive nature; b.
What is bid amount in chit?
By bidding it means the member agrees to forego some part of the money in order to claim the pot. The lowest bidder gets the pot, i.e. the one who is ready to forego the most. The Chit Funds Act, 1982 has put a cap on how much can a member forego, which is 30% at max. B then bids for Rs. 1,05,000.
How do chit funds make money?
The money is collected from the chit group and is put up for auction every month. The investor who bids the lowest for the total sum will win the lot. A commission has to be paid to the Chit Fund Company. The surplus is distributed to all other investors.
Who can attend a committee meeting?
Unless the association’s constitution says otherwise, only committee members are entitled to attend committee meetings. However, the committee may permit members and other persons to attend.
How many types of chits are there?
three types
How do margadarsi chits work?
By paying one-month installment amount, a person can get to borrow from the chit value, by offering a discount not exceeding the maximum limit ascertained in the chit agreement. In a chit value of Rs. 100000/- for a period of 50 months, first the subscriber can get an amount of 55000/-by paying only Rs.
How do you form a group meeting committee?
Tips for Creating a Committee
- Establish a Purpose and Create Goals – In order for any committee to be successful, you must have a.
- Capable Committee Chair– The Committee chair is an essential component any committee’s success.
- Dedicated Members– Once you have defined your purpose and goals and have secured a committee.
Are chit funds legal?
Chit funds are legal in a majority of states and UTs in India. Chit fund companies in India are under the Chit Fund Act, 1982. Since chit funds are not financial companies, they are not regulated by the rules or guidelines of the RBI.
What is dividend in chit fund?
Every month, an auction is conducted wherein the members bid for the chit amount. The amount foregone by the winning bidder is distributed among all the members equally after deducting foreman’s commission and other charges. The amount distributed to each member is called dividend.
What are the duties of a committee member?
Plans and coordinates the committee’s work for the year in accordance with the goals of ALA and LLAMA. Keeps committee members fully informed. In particular, committee members should be informed of the times of all meetings so that they can make plans to attend.
What is the procedure to start a chit fund?
Every district or city has a chit registrar, where one needs to go and apply for the chit fund registration. Nevertheless, before one goes there, one must register a private limited company in India under the Companies Act and then register to apply for the license with chit registrar.
How do you prepare for a committee meeting?
Communicate
- Start the meeting. Welcome any new members.
- Receive apologies for absence.
- Check for Conflicts of Interest on the items on the agenda.
- Ensure that additions or amendments to minutes are recorded.
- Set the scene. State the objectives of the meeting and each item.
- Try to be brief when making a point.
What is considered a quorum for a meeting?
In a mass meeting or in an organization in which the membership cannot be accurately determined, the quorum consists of those who attend the meeting. In committees and boards, a quorum is a majority of the members of the board or committee unless provided otherwise.
How do you calculate chit?
Amount collected per month = 20*1000 = Rs. 20, 000 – this is known as the Chit Amount. Once the first month’s payment is received, bids are invited from all subscribers. Any subscriber, who is in need of money, can bid for the chit amount, at a lower amount than it.