Section 24 in The Maharashtra Chit Funds Act, 1974
24. Prized subscriber to give security.
- Before receiving the prize amount without deducting all future subscriptions, every prized subscriber shall furnish, and a Foreman shall take, sufficient security for the due payment of future subscriptions, and if the Foreman is the prized subscriber, he shall give security for the due payment of future subscriptions to the satisfaction of the Registrar.
