Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name under
which a person enters into an agreement with a specified number of persons that every one of them shall
subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments
over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction
or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount