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Back to THE CHIT FUNDS ACT, 1982 (Last Updated on 1st January, 2020).

THE CHIT FUNDS ACT, 1982 (Last Updated on 1st January, 2020). · RIGHTS AND DUTIES OF FOREMAN

Section 26 — 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.