Bare ActsThe CHIT FUNDS ACT, 1982

Section 26

Withdrawal of foreman

Amendment status not verified — confirm the current text below against the official source.

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 withdrawal 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 section 41. (2) The withdrawal from a chit of any one of the foreman shall not affect the security given by him under section 20 or section 31. CHAPTER IV RIGHTS AND DUTIES OF NON-PRIZED SUBSCRIBERS

Section 26 – The CHIT FUNDS ACT, 1982 | DailyLaw.ai