(1) If in a suit by a foreman for consolidated payment of future subscriptions, the defaulting prized subscriber, agrees to pay or pays into the court on or before the date to which the suit is fixed for hearing the arrears of subscriptions till that date together with interest thereon at the rate provided for in the chit agreement or at twelve per cent per annum simple interest, whichever is lower, and the costs of the suit for payment to the foreman, then, notwithstanding any contract to the contrary, the court shall pass a decree accordingly:
Provided that if any such suit is upon a promissory note, no decree shall be passed under this sub-section unless such promissory note expressly states that the amount due thereunder is towards payment of subscriptions to the chit.
(2) Any person who holds an interest in the property furnished as security or any part thereof shall be entitled to make payment under sub-section (1).
(3) (a) all consolidated payments of .future subscriptions realized by a foreman shall be deposited in an approved bank before the date of the next succeeding installment and may be withdrawn only for payment of future subscriptions.
(b) where any property is accepted in lieu of the consolidated payment, it shall continue to remain as security for the due payment of future subscriptions.
CHAPTER VI TRANSFER Restrictions on transfer of rights of a foreman