Section 2(c) defines 'Money Circula tion Scheme ' and is as follows: "2(c) "money circulation scheme" means any scheme, by whatever name called, for the making of quick or easy money, or for the receipt of any money or valuable thing as the consideration for a promise to pay money, on any event or contingency relative or applica ble to the enrolment of members into the scheme, whether or not such money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions ;" Section 2(e) defines 'prize chit ' and is as follows: "2(e) 'prize chit ' includes any transaction or arrangement by whatever name called under which a person collects whether as a promoter, foreman, agent or in any other capacity, monies in one lumpsum or in instalments by way of contributions or subscriptions or by sale of units certificates or other instruments or in any other manner or as membership fees or admission fees or service charges to or in respect of any savings, mutual benefit, thrift, or any other scheme or arrangement by whatever name called, and utilises the monies so collected or any part thereof or the income accruing from investment or other use of such monies for all or any of the following pur poses, namely: (i) giving or awarding periodically or other wise to a specified number of subscribers as determined by lot, draw or in any other man ner, prizes or gifts in cash or in kind, whether or not the recipient of the prize or gift is under a liability to make any further payment in respect of such scheme or arrange ment; (ii) refunding to the subscribers or such of them as have not won any prize or gift, the whole or part of the subscriptions, contribu tions or other monies collected, with or without any bonus, premium, interest or other advantage by whatever name called, on the termination of the scheme or arrangement, or on or after the expiry of the period 33 stipulated therein, but does not include a conventional chit;" The primary question in the present case is whether the Endowment Scheme piloted by the Company falls within the definition of prize chit? Section 3 bans prize chit and money circulation schemes and is in the following terms: "No person shall promote or conduct any prize chit or money circulation scheme, or enrol as a member to any such chit or scheme, or par ticipate in it otherwise, or receive or remit any money in pursuance of such chit or scheme. ' ' It is important to notice here that the ban is not merely on promoting or conducting any prize chit or money circulation scheme but also on participation in the scheme.