Amendment status not verified — confirm the current text below against the official source.
Prized subscriber to pay the subscriptions regularly.— (1) Every prized subscriber shall pay his subscriptions regularly at the time and place and on the date mentioned in the chit agreement and shall on such payment be entitled to get a receipt from the foreman. (2) For every belated payment of subscription, a prized subscriber is liable to pay such penalty as specified in the chit agreement. (3) Every prized subscriber, who fails to pay two consecutive subscriptions in accordance with the terms of the chit agreement shall be liable to make a consolidated payment of all future subscriptions at once.