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[Cites 0, Cited by 0] [Section 21] [Entire Act]

NCT Delhi - Subsection

Section 21(3) in The Madras Chit Funds Act, 1961

(3)All arrears of subscriptions realised from the substituted subscriber, less any amount advanced by the foreman, shall before the date of the next Succeeding instalment deposited by the foreman shall not withdraw the amount so deposited except for payment to the defaulting subscriber.Explanation. - For the purpose of sub-section (3), 'arrears of subscriptions' shall mean all the previous instalments realised from the substituted subscriber.