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Section 20: Substitution of security

The Tamil Nadu Chit Funds Rules, 1984State Rules of Tamil Nadu · 1982

(1) During the currency of chit, the foreman may apply to the Registrar in Form XII for permission to substitute the security given by him for the proper conduct of the chit by fresh security.

(2) The Registrar may grant permission after satisfying himself---

(i) that the request of the foreman for substitution of the security given under Section 20 is for the reasons stated in the application; and

(ii) that the fresh security offered is adequate;

(3) The procedure prescribed in Rule 18 shall apply mutatis mutandis to the substituted security given by the foreman under this rule.

Where this provision sits

ActThe Tamil Nadu Chit Funds Rules, 1984
Section20
Marginal noteSubstitution of security
JurisdictionState of Tamil Nadu
StatusIn force as published by the source

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