(1) Where a foreman dies or becomes of unsound mind or is otherwise incapacitated, the chit may continue in accordance with the provisions of the chit agreement.
(2) Where a foreman is adjudicated an insolvent, or
withdraws from the chit under section 26, or fails to conduct the chit at
any instalment or on any other date before the next succeeding instalment as
may have been agreed upon by a special resolution, any one or more of such
subscribers authorised by such resolution may, in the absence of any
provision in the chit agreement for the future conduct of the chit, take the
place of the foreman and continue the chit or make other arrangements for
the further conduct of the chit.
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