State Act
Section 28. Restrictions on transfer of rights of a foreman
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This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
28. (1) No transfer of the rights of a foreman to receive subscriptions from prized-subscribers shall be made without the previous sanction in writing of the Registrar. (2) Any non-prized subscriber or unpaid prized subscriber claiming that his interest would be prejudicially affected by any such transfer, may apply to the Registrar for setting aside the transfer and the Registrar on being satisfied in that behalf may, for reasons to be recorded, set it, aside. (3) In any proceedings under sub-section (2) the burden of proving that the transfer is not likely to effect prejudicially the interest of any subscriber challenging it shall bean the transferee.