Except in the cases referred to in clauses (a) and (b) of section 40,--
(a) every non-prized subscriber shall, unless otherwise provided for in this Act or in the chit agreement, be entitled to get back his subscriptions at the termination of the chit without any deduction for 1[share of discount], if any, earned by him:
Provided that, any person to whom the rights of a non-prized subscriber are transferred in accordance with the provisions of section 35, shall, in addition to his own subscriptions, be entitled to get back the subscriptions paid by such non-prized subscriber, subject to the conditions specified in this section;
(b) if a chit terminates on a date earlier than the date originally fixed in
the chit agreement, the non-prized subscribers claim shall be deemed to have
arisen on the date on which he has notice thereof.
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1. Subs. by Act 41 of 2019, s. 3, for "dividend" (w.e.f. 1-1-2020).
Section 41 of Chit Funds Act - Copy of assent or consent to be filed with Registrar
Section 42 of Chit Funds Act - Refund of non-prized subscribers' subscriptions
Section 43 of Chit Funds Act - Subscribers dues to be first charge on chit assets
Section 44 of Chit Funds Act - Foreman to allow certain subscribers to inspect chit records
Section 45 of Chit Funds Act - Preservation of chit records by foreman
Section 46 of Chit Funds Act - Inspection of chit books and records by Registrar
Section 47 of Chit Funds Act - Power of Reserve Bank to inspect chit books and records
Section 48 of Chit Funds Act - Circumstances under which chits may be wound up
Section 49 of Chit Funds Act - Application for winding up
Section 50 of Chit Funds Act - Bar to winding up proceedings