Amendment status not verified — confirm the current text below against the official source.
(1) Where a substituted subscriber draws the prize amount; the defaulting subscriber shall be entitled to recover his contributions subject to such deductions as may be provided for in the chit agreement, which in no case shall exceed the dividend already received by such defaulting subscriber. (2) The foreman shall on demand made by the defaulting subscriber and on his executing an acknowledgement duly signed, inform the Registrar of the amount due after making all deductions and the Registrar shall issue a cheque or draft in favour of such defaulting subscriber. (3) If the defaulting subscriber fails to furnish the acknowledgement as aforesaid, the foreman shall, before the date of next succeeding instalment deposit in as approved bank the amount due to the defaulting subscriber, and intimate in writing the fact of such deposit to the defaulting subscriber and the Registrar, The amount so deposited shall not be withdrawn by the foreman for any purpose other than for payment to the defaulting subscriber. CHAPTER V PRIZED SUBSCRIBERS Prized subscriber to give security