(6)Notwithstanding anything to the contrary contained in any other law for the time being in force, the security furnished under this section shall not be dealt with by the foreman during the currency of the chit to which it relates and any dealing by the foreman with respect thereto by way of transfer or other encumbrances shall be null and void.* Clause (a) shall stand substituted (date to be notified) by Act 10 of 2001, s. 4 to read as under:"(a) deposit in the name of the Registrar, an amount equal to,—(i)fifty per cent. of the chit amount in cash in an approved bank; and(ii)fifty per cent. of the chit amount in the form of bank guarantee from an approved bank; or"
