- Subject to the provisions of this Act or the rules made thereunder, the foreman shall be entitled -(a)in the absence of any provision in the chit agreement to the contrary, to obtain 'the chit amount at the installment specified in this behalf in the chit agreement ;(b)to such commission or remuneration not exceeding five percent of the chit amount as may be fixed in the chit agreement;(c)to receive and realize all contributions from the subscribers ;(d)to demand sufficient security 'from any prized subscriber for the due payment of future subscriptions :Explanation. - A security is said to be sufficient for the purposes of this clause if its value exceeds by one-third or if it consists of immovable property, the value exceeds by one-half, the amount due from the prized subscriber ;(e)to substitute subscribers in the place of defaulters; and(f)to do all other acts that may be necessary for the due and proper conduct of the chit.
