Section 27(3) in Uttar Pradesh Chit Funds Act, 1975
(3)(a)all consolidated payments of .future subscriptions realized by a foreman shall be deposited in an approved bank before the date of the next succeeding installment and may be withdrawn only for payment of future subscriptions.(b)where any property is accepted in lieu of the consolidated payment, it shall continue to remain as security for the due payment of future subscriptions.
