(1) The foreman shall, on prized subscriber furnishing sufficient security for the due payment of future subscription be bound to pay him the prize amount:
Provided that the prized subscriber shall be entitled to demand immediate payment of the prize amount after, deducting all future subscriptions without any security whatsoever, and in such case the foreman shall, before the date of the next succeeding instalment, deposit in an approved bank mentioned in the chit agreement the amount of future subscriptions deducted as aforesaid and he shall not withdraw the amount so deposited except for payment of future subscriptions.
(2) If, owing to the default of the prized subscriber, the prize amount due in respect of any drawing remains unpaid before the date of the next succeeding drawing, the foreman, shall deposit the same forthwith in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit to the prized subscriber.
(3) Every payment of the prize amount, the deposit of the amount of future subscriptions under sub-section (1) and the deposit of the prize amount under sub-section
(2) shall be intimated to the subscribers at the next succeeding drawing, and particulars of such payment or deposit entered in the minutes of the proceedings of that drawing.
(4) The foreman shall not appropriate himself any amount in excess of what he is entitled to under clauses (a) and (b) of sub-section (1) of section 13:
Provided that the foreman may appropriate for himself the interest accruing on the amount deposited under the proviso to sub-section (1).