(1) The foreman may, on his own initiative convene a special meeting of the general body of subscribers for considering proposal to pass a special resolution.
(2) The foreman shall convene such a meeting on the requisition in writing of not less than twenty five percent of the number of non-prized and unpaid prized subscribers, and the meeting so convened shall be held within thirty days of the date of the receipt of the requisition and if the foreman refuses or fails to call the meeting within fourteen days of the receipt of such requisition, the meeting may be convened by not less than twenty five per cent, of the number of the non-prized and unpaid prized subscribers.
(3) If the foreman refuses or fails to convene a meeting as required by sub-section (2), he shall be punishable with fine which may extend to one hundred rupees.
Manual of Goa Laws (Vol. I) – 686 – Chit Funds Act
(4) Notice of not less than fourteen days shall be given to all subscribers of a meeting under this section specifying the object, date, hour and place of the meeting and a copy of the proposed special resolution shall also be sent along with the notice.
(5) The meeting shall elect its own chairman.
CHAPTER V Prized Subscribers