Section 16 in The Maharashtra Chit Funds Rules, 1976
16. Substitution of security.
(1)During the currency of a chit, the Foreman may apply in Form V to the Registrar for permission to substitute the security given by him for the proper conduct of the chit by fresh security.(2)The Registrar may grant the permission after satisfying himself,-(i)that the request of the Foreman for the substitution of the security given under section 13 is for reasons stated in the application; and(ii)that the fresh security offered is adequate.(3)The procedure prescribed in rule 15 shall apply mutatis mutandis to substituted security given by the Foreman under this rule.
