Chapter VI Chapter VI

Transfer

1. (1) No transfer of the right of a foreman to receive subscriptions from prized subscribers shall be made unless such transfer is assented to by all the non-prized subscribers and unpaid prized subscribers and a copy of such assent has been filed by the foreman with the Registrar who shall sanction such transfer provided he is satisfied that such transfer is not in contravention to any of the provisions of this Act and the rules made thereunder.
2. (2) When a transfer under sub-section (1) is objected to by a subscriber, the burden of proving that the foreman who intends to transfer his right was in solvent circumstances at the time of the transfer and that the transfer is not likely to affect prejudicially the interest of any such subscriber is upon such foreman.

a non-prized subscriber of his rights in the chit shall be in writing duly attested by at least two witnesses and shall be filed with the foreman.

Every transfer under section 28 shall be recognised by the foreman, unless the transferee is not solvent or the transfer was effected with a view to defeat the provisions of any law.

or section 28 shall be entered by the foreman in the books of the chit forthwith and a true copy of such entry shall be filed by the foreman with the Registrar within fourteen days from the date of such entry.