Section 31 in Jammu and Kashmir Chit Funds Act, 2016
31. Prized subscriber to furnish security.
- Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the prize amount due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfactions of the Registrar.
