Liability of foreman to the Subscribers

(1) Every foreman shall be liable to account to the subscribers for the amounts due to them. (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 a Statutory Corporation or a Company registered under the Companies Act, 1956 (Central Act I of 1956). the Corporation or the Company as such shall be liable to the subscribers in respect of the obligations arising out of the chit.

1. (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 a Statutory Corporation or a Company registered under the Companies Act, 1956 (Central Act I of 1956). the Corporation or the Company as such shall be liable to the subscribers in respect of the obligations arising out of the chit.