Section 27: Restrictions on transfer of right of foreman

The Goa, Daman & Diu Chit Funds Act, 1973Union territory Act of Dadra and Nagar Haveli and Daman and Diu · Act 16 of 1973

(1) No transfer of the right of a foreman to receive subscriptions from prized subscribers shall be made unless such transfer is assented to by all the non-prized subscribers and unpaid prized subscribers and a copy of such assent has been filed by the foreman with the Registrar who shall sanction such transfer provided he is satisfied that such transfer is not in contravention to any of the provisions of this Act and the rules made thereunder.

(2) When a transfer under sub-section (1) is objected to by a subscriber, the burden of proving that the foreman who intends to transfer his right was in solvent circumstances at the time of the transfer and that the transfer is not likely to affect prejudicially the interest of any such subscriber is upon such foreman.

Where this provision sits

Act	The Goa, Daman & Diu Chit Funds Act, 1973
Section	27
Marginal note	Restrictions on transfer of right of foreman
Jurisdiction	Union territory of Dadra and Nagar Haveli and Daman and Diu
Status	In force as published by the source

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