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This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.

23. (1) A foreman may substitute in the list of subscribers any person in the place of a defaulting subscriber whose name has been removed from such list under sub-section (1) of section 22 : Provided that no such substitution shall be made until the expiry of fifteen days from the date of the service of the notice given to the defaulting subscriber under clause (a) of sub-section (2) of section 22, (2) Every substitution referred to in sub-section (1) shall, with the date thereof, be entered in the book referred to in clause (b) of sub-section (1), of section 22, and a true copy of every such entry shall be filed by the foreman with the Registrar within fourteen days from the date of such substitution along with a certificate that a copy of the bye-laws of the chit and of the chit agreement certified as true copy has also been furnished to the substituted subscriber, (3) All arrears of subscriptions realized from the substituted subscriber, less any amount advanced by the foreman, shall, before the date of the next succeeding installment, be deposited by the foreman in an approved bank mentioned in the chit agreement, in the name of the Registrar. Explanation-- For the purposes of this sub-section, arrears of subscription's shall mean all the previous installments realized, from the substituted subscriber.