Section 12(4) in The Goa, Daman and Diu Chit Funds Act, 1973
(4)No foreman shall be entitled to conduct at a time chits the aggregate amount of which exceeds fifty percent of the total assets of the foreman or twenty five thousand rupees whichever is lower:Provided that the maximum limit of the chit amount specified in this sub-section shall be rupees one lakh in the case of chits of which the foreman is a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949).Explanation. - In determining the total assets of a foreman for the purposes of this sub-section, the amount of the security furnished by him under sub-section (1) shall be excluded if such amount is the amount of subscription received in advance from the subscribers.
