Section 12(3)(iii) in The Madras Chit Funds Act, 1961

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NCT Delhi - Subsection

Section 12(3)(iii) in The Madras Chit Funds Act, 1961

(iii)where owing to the default of the prized subscriber the prize amount due remains unpaid even after the termination of a chit until the foreman deposits such amount in an approved bank mentioned in the chit agreement and intimates in writing the fact of such deposit to the prized subscriber.

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NCT Delhi - Subsection

Section 12(3)(iii) in The Madras Chit Funds Act, 1961