(3)When a foreman is adjudicated an insolvent under the Insolvency Act, 1955 (2 of 1956), or withdraws from the chitty under section 22 or fails to conduct the chitty at any instalment or at any other date before the next succeeding instalment as may have been agreed upon by a resolution passed at a meeting of non-prized and unpaid prized subscribers held in that behalf, any one or more of the non-prized or unpaid prized subscribers authorized by the above resolution may, in the variola for the future conduct of the chitty, take the place of the foreman and have the right to continue the chitty or to make other arrangements for the further conduct of the chitty.
