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Section 34: Restrictions on transfer of rights of foreman.

The Chit Funds Act, 1982Central Act · Act 40 of 1982

(1) No transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall be made without the previous sanction in writing of the Registrar.

(2) Any transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall, if it is likely to defeat or delay the interests of a non-prized or unpaid prized subscriber, be voidable at the instance of such subscriber.

(3) When under sub-section (2), a transfer is disputed by a subscriber, the burden of proving that the foreman was in solvent in circumstances at the time of the transfer and that the transfer does not defeat or delay the interests of such subscriber is on the transferee.

Where this provision sits

ActThe Chit Funds Act, 1982
Section34
Marginal noteRestrictions on transfer of rights of foreman.
JurisdictionCentral
StatusIn force as published by the source

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