Amendment status not verified — confirm the current text below against the official source.
Liability of foreman to the Subscribers. — (1) Every foreman shall be liable to account to the subscribers for the amounts due to them. Manual of Goa Laws (Vol. I) – 684 – Chit Funds Act (2) Where there are more than one foreman, each one of them jointly and severally or if the foreman is a firm, each one of the partners thereof jointly and severally and if the foreman is a Statutory Corporation or a Company registered under the Companies Act, 1956 (Central Act 1 of 1956), the Corporation or the Company as such shall be liable to the subscribers in respect of the obligations arising out of the chit.