Section 15(1) in The Maharashtra Chit Funds Act, 1974
(1)The Foreman shall, on a prized subscriber furnishing sufficient security for the due payment of future subscriptions, be bound to pay him the prize amount :Provided that, the prized subscriber shall be entitled to demand immediate payment of the prize amount after deducting all future subscriptions without any security whatsoever, and in such case, the Foreman shall pay the prize amount within seven days after the draw and before the date of the next succeeding instalment, deposit in an approved bank mentioned in the chit agreement the amount of future subscriptions deducted as aforesaid and the Foreman shall not withdraw the amount so deposited except for payment of future subscriptions.
