Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the [net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of the Registrar.
Section 31: Prized subscriber to furnish security.
The Chit Funds Act, 1982Central Act · Act 40 of 1982
Where this provision sits
| Act | The Chit Funds Act, 1982 |
|---|---|
| Section | 31 |
| Marginal note | Prized subscriber to furnish security. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 41 of 2019. . Subs. by Act 41 of 2019, s. 3, for “prize amount” (w.e.f. 1-1-2020).
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