Section 54(1)(c) in Tamil Nadu Chit Funds Act, 1961
(c)refusing to accept the security [* * *] [The expression 'under clause (a) of sub-section (1) of section 12 of' was omitted by section 5 (i) of the Tamil Nadu Chit Funds (Amendment) Act 1975 (Tamil Nadu Act 14 of 1975).] under section 23; or