Section 31 in The Maharashtra Chit Funds Act, 1974
31. How meetings to be held for considering certain matters.
(1)The Foreman may, on his own initiative, convene a special meeting of the general body of subscribers of a chit for considering any proposal relating to any of the matters specified in sub-section (I) or (2) of section 10.(2)The Foreman shall convene such meeting on the requisition in writing of not less than twenty-five per cent, of the number of non-prized and unpaid prized subscribers, and the meeting so convened shall be held within a period of thirty days from the date of the receipt of the requisition, and if the Foreman refuses or fails to call the meeting within fourteen days from the receipt of such requisitions, the meeting may be convened by not less than twenty-five per cent, of the number of non-prized and unpaid prized subscribers.(3)Notice of not less than fourteen days specifying the object, date, hour and place of the meeting shall be given to all subscribers and a copy of the proposed special resolution shall also be sent to them along with the notice.(4)The subscribers present at the meeting shall elect a Chairman..
