- 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 34; or(c)when a foreman, who is an individual, dies, becomes of unsound mind or is otherwise, incapacitated, and the chit agreement does not provide for the continuation of the chit or when the partner of a foreman which is firm dies or becomes of unsound mind or is otherwise incapacitated and the chit agreement provides for the discontinuation. of the chit in such an event.
