Section 12(3) in Andhra Pradesh Chit Funds Act, 1971
(3)Subject to the provisions of Section 530 of the Companies At, 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 subscriber the prize amount due remains unpaid even after the termination of a chit, until the fore-man deposits the prize amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber.
