Bare ActsThe UTTAR PRADESH CHIT FUND ACT, 1975

Section 28

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

(1) No transfer of the rights of a foreman to receive subscriptions from prized- subscribers shall be made without the previous sanction in writing of the Registrar. (2) Any non-prized subscriber or unpaid prized subscriber claiming that his interest would be prejudicially affected by any such transfer, may apply to the Registrar for setting aside the transfer and the Registrar on being satisfied in that behalf may, for reasons to be recorded, set it, aside. (3) In any proceedings under sub-section (2) the burden of proving that the transfer is not likely to effect prejudicially the interest of any subscriber challenging it shall bean the transferee. Transfer of nonprized subscribers right to be in writing

Section 28 – The UTTAR PRADESH CHIT FUND ACT, 1975 | DailyLaw.ai