- A chit shall be deemed to have terminated-(a)when the period fixed in the chit agreement has expired, provided payment of dues to all the subscribers has been completed; or(b)when all the non-prized and unpaid prized subscribers consent in writing to the termination of the chit and a copy of such consent is filed as required by Section 32; or(c)when a foreman, who is an individual, dies or becomes of unsound mind and the chit is not continued in accordance with the provisions of the chit agreement:Provided that in the case of a foreman which is a firm, if a partner dies or becomes of unsound mind, the chit shall not be deemed to have terminated and the surviving partner or partners shall conduct the chit in absence of any provision to the contrary in the chit agreement.
