Section 14(1) in The Maharashtra Chit Funds Act, 1974
(1)The Foreman shall be entitled,-(a)in the absence of any provision in the chit agreement to the contrary, to obtain the chit amount of the first instalment specified in the chit agreement :Provided that, a Foreman shall not be eligible to obtain more than one chit amount in a chit;(b)to such commission or remuneration not exceeding five per centum of the chit amount as may be fixed in the chit agreement :(c)to receive and realise all subscriptions from the subscribers and to distribute the prize amounts to prized subscribers and the dividend among the subscribers;(d)to demand sufficient security from any prized subscriber for the due payment of future subscriptions.Explanation. - A security shall be deemed to be sufficient for the purposes of this clause, if its value exceeds by one-third, or if it consists of buildings, the value of which exceeds by one-half, the amount due from the prized subscriber;(e)to substitute subscribers in place of the defaulting subscribers; and(f)to do all other acts as may be necessary for the due and proper conduct of the chit.
