(3)Subject to the provisions of section 520 of the Companies Act, 1956 (Central Act I of 1956) the security given by the foreman under sub-section (1) shall not be liable to be attached in execution of a decree or otherwise-(i)until the chit is terminated and the claims of all the subscribers are fully satisfied;(ii)until all dues payable by the foreman under this Act to the Registrar or any other officer have been paid;(iii)where owing to the default of the prized sub-scriber the prize amount due remains unpaid even after the termination of a chit until the foreman deposits such amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber.
