State Act

THE UTTAR PRADESH CHIT FUND ACT, 1975

This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.

15. Subject to the provisions of this Act or the rules made thereunder, the foreman shall be entitled- (a) in the absence of any provision in the chit agreement to the contrary, to obtain 'the chit amount at the installment specified in this behalf in the chit agreement ; (b) to such commission or remuneration not exceeding five percent of the chit amount as may be fixed in the chit agreement; (c) to receive and realize all contributions from the subscribers ; (d) to demand sufficient security 'from any prized subscriber for the due payment of future subscriptions : Explanation-- A security is said to be sufficient for the purposes of this clause if its value exceeds by one-third or if it consists of immoveable property, the value exceeds by one-half, the amount due from the prized subscriber ; (e) to substitute subscribers in the place of defaulters; and (f) to do all other acts that may be necessary for the due and proper conduct of the chit.