Section 14 in The Maharashtra Chit Funds Act, 1974
14. Rights of Foreman.
(1)The Foreman shall be entitled,-(a)in the absence of any provision in the chit agreement to the contrary, to obtain the chit amount of the first instalment specified in the chit agreement :Provided that, a Foreman shall not be eligible to obtain more than one chit amount in a chit;(b)to such commission or remuneration not exceeding five per centum of the chit amount as may be fixed in the chit agreement :(c)to receive and realise all subscriptions from the subscribers and to distribute the prize amounts to prized subscribers and the dividend among the subscribers;(d)to demand sufficient security from any prized subscriber for the due payment of future subscriptions.Explanation. - A security shall be deemed to be sufficient for the purposes of this clause, if its value exceeds by one-third, or if it consists of buildings, the value of which exceeds by one-half, the amount due from the prized subscriber;(e)to substitute subscribers in place of the defaulting subscribers; and(f)to do all other acts as may be necessary for the due and proper conduct of the chit.(2)In case of any dispute in regard to the value of the property offered as security under clause (d) of sub-section (1), the matter shall be referred to the Registrar, whose decision thereon shall be final.
