(1)Subject to the provisions of this Act and to the conditions contained in the variola, the subscribers to a chitty may, by a special resolution, "(a)alter or add to the articles in the vaiola in respect of all or any of the following matters, namely: "(i)the time at which or the place where the chitty is to be conducted;(ii)the reduction of the chitty amount;(iii)the continuance of the chitty in accordance with the provisions of section 35;(iv)the suspension or prolongation of the chitty; or(v)the termination of the chitty;(b)omit the name of any approved bank specified in the vaiola or add the name of any approved bank in the variola;(c)alter or substitute any of the articles of the variola that may be found to be not in consonance with any of the provisions of this Act or the rules made thereunder.(2)Any alteration, addition, or substitution made under sub-section (1) shall be as valid as if originally contained in the variola and shall be subject, in like manner, to alteration, addition or substitution by a special resolution.(3)A true copy of every special resolution passed under sub-section (1) or sub-section (2) shall be filed by the foreman with the Registrar within twenty-one days from the date of such resolution.(4)The foreman shall"(a)supply to every subscriber by registered post or otherwise, a copy of every special resolution passed sub-section (1) or sub-section (2) within seven days from the date of such resolution; and(b)file with the Registrar along with a copy of such resolution the acknowledgments given by the subscribers of the receipt by them of copies of the resolution.(5)If the foreman makes default in complying with the requirements of this section, he shall be punishable with fine which may extend to five hundred rupees
