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NCT Delhi - Section

Section 23 in The Madras Chit Funds Act, 1961

23. Prized subscriber to give security.

- Before receiving the prize amount without deducting all future subscriptions, every prized subscriber shall furnish and the 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.