defaulting subscribers. Section 29 refers to the circumstances under which there could be substitution of subscribers in the place of defaulting subscribers. Section 30 speaks ... subscribers. Chapter V ( Sections 31 to 33 ) speaks about the rights and duties of the prized subscribers. Section 31 states that the prized subscriber
contract between the subscribers and the foreman, which
provides that the subscribers shall subscribe a certain
sum by way of regular installments for a specified ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber
defaults in payment of his subscriptions, the foreman will
prized subscriber -- The rate of interest payable by a defaulting
subscriber in pursuance of the proviso to sub-section (1) of Section ... cent per annum.
Section 28 . Removal of defaulting subscribers.—(1) A non-prized
subscriber who defaults in paying his subscription in accordance with the
terms
payment. The consolidated payment in case of default arises on the default committed by the prized subscriber. Hence only if the period of chit ... demand to the defaulting subscriber. When once the chit comes to an end and the prized subscriber had defaulted to pay the periodical subscriptions, then
Tamilnadu Chit Funds Act, 1982
hereunder:
"30. Amounts due to defaulting subscribers:
(1) A foreman shall out of the amounts payable by
and realized ... before the date of
substitution (including the arrears due from the
defaulting subscriber), deposit before the date of the next
succeeding instalment in a separate
Official Liquidator issued notice to the, first defendant as a defaulting subscriber, calling upon him to pay the amount due under the Promissory note. Since ... provisions governing the liability of subscribers to the chit, both prized subscribers and non-prize subscribers. As for prized subscribers, Section
subscriber concerned whether or not the other subscribers have paid the instalments due. If all the subscribers pay the instalments due without default, there will ... subscribers and to distribute the prize amounts to the prized subscribers and the dividend among the subscribers, to demand sufficient security from any prized subscriber
claim consolidated payment of all the future subscriptions from a defaulting prized subscriber, unless he shall have demanded the same in writing, that ... postponement of the right to file the suit against a defaulting subscriber.
11. In the present case the payment of Rs. 130 upto 22nd July
claim a consolidated payment of the future subscriptions from a defaulting subscriber without issuing a notice and inasmuch as Uma Investments did not issue ... suit is not by the Foreman against a defaulting subscriber. It was also further pointed out that even assuming the appellant stood in the position
claim a consolidated payment of the future subscriptions from a defaulting subscriber without issuing a notice and inasmuch as Uma Investments did hot issue ... suit is not by the Foreman against a defaulting subscriber. It was also further pointed out that even assuming the appellant stood in the position
