24. Procedure for release of security [Section 20].
(1)(a)The Registrar may for the purpose of releasing the security under sub-section (5) of section 20 call upon the foreman to produce a copy duly certified to be a true copy of any register and books of accounts maintained by the foreman, a bank certificate regarding clearance of payments made to the subscribers (excluding the foreman) in respect of last five auctions, detailed list of payments made to all the subscribers and last balance sheet of the chit group. The Registrar shall exhibit a notice on his office notice board/website of the Department stating that the security is proposed to be released and that any person objecting to such release may file with the Registrar his statement of objections, if any, within fifteen days from the date of exhibition of such notice.(b)If no objections are received within the period specified in the notice, the Registrar shall release the security.(2)If any objections are received, the Registrar shall enquire into the objections summarily within one month after the date of expiry of the period specified in the notice referred to in sub-rule(1) (a) and record his decision in writing and send a copy thereof to the foreman and to the objector.
