Section 24 in The Chit Funds (Madhya Pradesh) Rules, 1984
24. Procedure for release of security.
(1)(a)The Registrar may, for the purpose of releasing the security under sub-section (5) of Section 20 call upon the foreman to produce a copy duly certified to be a true copy of any register and book of accounts maintained by the foreman and shall exhibit a notice on his office notice board stating that the security is proposed to be released and that any person objecting to such release may file with the Registrar his statement of objections, if any, within fifteen days from the date of exhibition of the notice.(b)[ If no objections are received within the period specified in the notice, the Registrar shall release the security together with interest if any accrued thereon and remaining unpaid.] [Substituted by Notification No. F. 18 (c) 44-R-3-IV-85, dated 19-12-1990.](2)If any objections are received, the Registrar shall enquire into the objections summarily within fourteen days after the date of expiry of the period specified in the notice referred to in sub-rule (1)(a) and record his decision in writing and forward a copy thereof to the foreman and to the objector.
