(1) No transfer of the rights of a foreman to receive subscriptions from prizedsubscribers shall be made without the previous sanction in writing of the Registrar.
(2) Any non-prized subscriber or unpaid prized subscriber claiming that his interest would be prejudicially affected by any such transfer, may apply to the Registrar for setting aside the transfer and the Registrar on being satisfied in that behalf may, for reasons to be recorded, set it, aside.
(3) In any proceedings under sub-section (2) the burden of proving that the transfer is not likely to effect prejudicially the interest of any subscriber challenging it shall bean the transferee.
Transfer of nonprized subscribers right to be in writing
29. Every transfer by a non-prized subscriber of his rights in the chit shall be in writing duly attested by at least two witnesses and shall be filed with the foreman.
Recognition of transfer by the foreman
30. Every transfer under section 29 shall be recognized by the foreman, unless he considers that the transferee is not solvent or the transfer is likely to defeat the provisions of any law for the time being in force.
72 [The Uttar Pradesh Chit Funds Act, 1975] [Section 31-35] Entry of transferee’s name in the book
31. Every transfer referred to in section 28 or section 29 shall be entered by the foreman in the books of the chit forthwith, and a true copy of such entry shall be filed by the foreman with the Registrar within fourteen days from the date of making such entry along with a certificate that a copy of the byelaw's of the chit and the chit agreement certified as true copy have been furnished to the transferee concerned.
CHAPTER VII TERMINATION OF CHITS Provisions for continuation of chits in certain cases