A chit shall be deemed to have terminated,
(a) when the period specified therefore in the chit agreement has expired provided the payment of dues to all the subscribers has been completed; or
(b) when all the non-prized and unpaid prized subscribers and the foreman consent in writing to the termination of the chit and a copy of such consent is filed with the Registrar as required under section 41; or
(c) where a foreman dies or becomes of unsound mind or is otherwise incapacitated and the chit is not continued in accordance with the provisions of the chit agreement:
Provided that, in a case where the foreman is a firm, if a partner thereof
dies or becomes of unsound mind or is otherwise incapacitated, the chit
shall not be deemed to have terminated and the surviving partner or partners
shall conduct the chit in the absence of any provision to the contrary in
the chit agreement.
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