subscriber, past subscriber or a person claiming through a subscriber, or a deceased subscriber to a chit; (b) a surety of a subscriber, past subscriber ... from a subscriber, or due from him to a subscriber, past subscriber or the nominee, heir or legal representative of a deceased subscriber whether such
manner of ascertaining the prized subscriber at each instalment; (f) the maximum amount of discount which the prized subscriber has to forego at any instalment ... conditions under which a subscriber shall be treated as a defaulting subscriber; (n) the nature and particulars of the security to be offered
means the business of conducting a chit; (f) “defaulting subscriber” means a subscriber who has defaulted in the payment of subscriptions due in accordance with ... under section 39; (k) “non-prized subscriber” does not include a defaulting subscriber; (l) “prescribed” means prescribed by rules made under this Act; (m) “prize
exceeds twice the amount due from the subscriber; (e) to substitute subscribers in the place of defaulters subject to the provisions hereinafter contained ... variola. 24. Removal of defaulting subscribers.
(1) If a non-prized subscriber defaults to pay his subscription in accordance with the terms of the variola
subscribers and to distribute the prize amounts to prized subscribers and the dividend among the subscribes; (d) to demand sufficient security from any prized subscriber ... subscriber. Chapter V Prized Subscribers
23. Prized subscriber to give security.
- Before receiving the prize amount without deducting all future subscriptions, every prized subscriber shall
shall not be entitled to claim a consolidated payment from a defaulting prized subscriber under section 32 unless he makes a demand to that effect ... foreman for a consolidated payment of future subscriptions from a defaulting prized subscriber and if the subscriber pays to the foreman on or before
without any deduction for discount or otherwise; (5) "defaulting subscriber" means a subscriber who have defaulted in the payment of subscriptions due according ... receipt from the foreman. 20. Removal of defaulting subscribers.
- A non-prized subscriber who defaults in paying his subscription in accordance with the terms
subscribers and to distribute the prize amount to prized subscribers and the dividend amount the subscribers; (d) to demand sufficient security form any prized subscriber ... subscriber. Chapter V Prized Subscribers.
23. Prized subscriber to give security.
- Before receiving the proze amount without deducting all future subscriptions, every prized subscriber shall
from the subscribers and to distribute the prize amounts to the prized subscribers; (e) to demand sufficient security from any prized subscriber ... half, of the amount due from prized subscriber; (f) to substitute subscribers in place of defaulting subscribers; and (g) to do all other acts that
Chit Funds Act, 1982
30. Amounts due to defaulting subscribers.—
(1) A foreman shall, out of the amounts payable by and realized from the substituted ... date of the substitution (including the arrears due from the defaulting subscriber), deposit, before the date of the next succeeding instalment, in a separate identifiable
