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This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.

25. Every prized subscriber shall receiving before the prize amount without deductions of all future subscriptions, furnish to the foreman sufficient security and the foreman shall take such security for the due payment of future subscriptions, and if the foreman is the prized subscriber or draws the chit amount under clause (a) of section 15, he shall furnish security for the due payment of future subscriptions to the satisfaction of the Registrar : Provided that a prized subscriber, other than the foreman, whose security is not being accepted as sufficient by the foreman, may within three months of the date on which he becomes the prized subscriber, appeal to the Registrar, who may, after giving the parties an opportunity of being heard, pass such orders on the appeal as he thinks fit, and his decision in the matter shall be final.