Section 13(3) in The Maharashtra Chit Funds Act, 1974
(3)Subject to the provisions of section 520 of the Companies Act, 1956, the security given by the Foreman under sub-section (1) shall not be liable to be attached in execution of a decree or otherwise,-(i)until the chit is terminated and the claims of all the subscribers are fully satisfied;(ii)until all dues payable by the Foreman under this Act to the Registrar or any other officer duly authorised in this behalf have been paid;(iii)where owing to the default of a prized subscriber, the prize amount due remains unpaid even after the termination of a chit, until the Foreman deposits the prize amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber.
