Amount due to defaulting subscriber how dealt with.

Finance197370 sections10 chapters

Chapter IV Chapter IV

Statutory text

(1) When a substituted subscriber draws the prize amount, the defaulting subscriber shall be entitled to recover from the foreman his contributions, subject to such deductions as may be provided for in the chit agreement.
(2) The foreman shall on demand made by the defaulting subscriber and on his executing an acknowledgement duly signed. be bound to pay to the defaulting subscriber the amount due to him before the date of the next succeeding instalment.
(3) Where the defaulting subscriber fails to furnish the acknowledgement as aforesaid. the foreman shall. before the date of next succeeding instalment, deposit in an approved bank the amount due to the defaulting subscriber and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for payment to the defaulting subscriber.

Study data processing for this section.

PDF: pending for this language.