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(1) Every foreman shall be liable to account to the
subscribers for the amounts due to them.
(2) Where there are more than one foreman in a chit, each one of them jointly and severally and, if the
foreman is a firm or other association of individuals, each one of the partners or individuals thereof jointly
and severally and, if the foreman is a company, the company as such, shall be liable to the subscribers in
respect of the obligations arising out of the chit.
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