LawgistThe Chit Funds Act
31Prized subscriber to furnish security
Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the 1[net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of the Registrar.
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1. Subs. by Act 41 of 2019, s. 3, for “prize amount” (w.e.f. 1-1-2020).
RIGHTS AND DUTIES OF PRIZED SUBSCRIBERS
