Section 20 in The Maharashtra Chit Funds Rules, 1976
20. Procedure for release of security.
(1)(a)The Registrar may, for the purpose of releasing the security under sub-section (4) of section 13. call upon the Foreman to produce a copy duly certified to be a copy, of any register and book of account maintained by the Foreman, and shall exhibit a notice on his office notice board 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 the 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 fourteen days after the date of expiry of the period specified in the notice referred to in sub-rule (1). and record his decision in writing and communicate a copy thereof to the Foreman and to the objector.
