(1)The foreman shall be entitled–
(a) in the absence of any provision in the chit agreement to the contrary to obtain the chit amount at the instalment specified in the chit agreement:
Provided that a foreman shall not be eligible to obtain more than one chit amount in a chit;
(b) to such commission or remuneration, not exceeding five per cent, of the chit amount, as may be fixed in the chit agreement;
(c) to receive and realise all contributions from the subscriber; and to distribute the prize amounts to prized subscribers and the dividend among the subscribers;
(d) to demand sufficient security from any prized subscribers for the due payment of future subscriptions;
Explanation.— A security is said to be sufficient for the purposes of this clause, if its value exceeds by one third, or if it consists of immovable property, the value exceeds by one half, the amount due from the prized subscriber;
(e) to substitute subscribers in the place of defaulters; and;
(f) to do all other acts that may be necessary for the due and proper conduct of the chit.
(2) (a) In case of any dispute in regard to the value of the property offered as security under clause (d) of sub-section (1), the matter shall be referred by the subscriber to the Manual of Goa Laws (Vol. I) – 683 – Chit Funds Act Registrar, who shall, after giving the parties an opportunity of being heard, pass such order as he thinks fit.
(b) Any person aggrieved by the decision of the Registrar may, within seven days of the communication to him of such order, appeal to the Director of Chits, whose decision thereon shall be final.