Section 3(3) in The Maharashtra Chit Funds Act, 1974
(3)No Foreman shall be entitled to conduct at a time a chit the aggregate amount of which exceeds fifty per cent, of the total assets of the Foreman or ten thousand rupees, whichever is lower :Provided that, the maximum limit of the chit amount specified in this sub-section may be rupees one lakh if the Foreman is a banking company as defined in the Banking Regulation Act, 1949.Explanation. - In determining the total chit assets of a Foreman for the purposes of this sub-section, the amount of the security furnished by him under section 13 shall be excluded if such amount is the amount of subscription received in advance from the subscribers.
