Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the 1[net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of the Registrar.
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1. Subs. by Act 41
of 2019, s. 3, for "prize amount" (w.e.f. 1-1-2020).
Section 31 of Chit Funds Act - Prized subscriber to furnish security
Section 32 of Chit Funds Act - Prized subscriber to pay subscriptions regularly
Section 33 of Chit Funds Act - Foreman to demand future subscriptions by written notice
Section 34 of Chit Funds Act - Restrictions on transfer of rights of foreman
Section 35 of Chit Funds Act - Transfer of non-prized subscriber's rights to be in writing
Section 36 of Chit Funds Act - Recognition of transfer by foreman
Section 37 of Chit Funds Act - Entry of transferee's name in the books
Section 38 of Chit Funds Act - Meetings of general body of subscribers
Section 39 of Chit Funds Act - Provision for continuation of chits in certain cases
Section 40 of Chit Funds Act - Termination of chits