Liability of the foreman to the subscribers

Liability of the foreman to the subscribers :-

1. (1) Every foreman shall be liable to account to the subscribers for the amounts due to them.
2. (2) Where there are more than one foreman, each one of them jointly and severally or if the foreman is a firm, each one of the partners thereof jointly and severally and if the foreman is body corporate, the body corporate as such shall be liable to the subscribers in respect of the obligation arising out of the chit.