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Section 26 – The Chits Funds Act,1982

The Chits Funds Act,1982

26. Withdrawal of foreman.

(1) No foreman, or where there are more than one foreman in a chit, none of them shall withdraw from the chit until its termination unless such with drawal is assented to in writing by all the non-prized and unpaid prized subscribers and a copy of such assent has been filed with the Registrar under Sec. 41.

(2) The withdrawal from a chit of any one of the foreman shall not effect the security given by him under Sec.20 or Sec. 31.

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The Chits Funds Act,1982

Indian Laws – Bare Acts


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