(1)During the currency of chit, the foreman may apply to the Registrar in Form X for permission to substitute the security given by him for the proper conduct of the chit by fresh security.(2)The Registrar may grant permission as applied for in sub-rule (1) after satisfying himself-(i) that the reasons for substitution of the security, given by the foreman in the applications, are justifiable; and (ii) that the fresh security offered is adequate.(3)The procedure prescribed in rule 19 shall apply mutatis mutandis to the substituted security given by the foreman under this rule.
