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
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
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
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
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
such person or interest or penalty, if any, received from a defaulting subscriber), except for— (a) carrying on chit business; or (b) giving loans
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
rate at which interest shall be payable on the defaulted instalments by a defaulted subscriber under section 28; (i) the particulars that may be included
Chit Funds Act, 1982
28. Removal of defaulting subscribers.—
(1) A non-prized subscriber who defaults in payment his subscription in accordance with the terms ... such removal shall be given by the foreman to the defaulting subscriber within fourteen days of the date of such removal: Provided that
list of subscribers any person (hereinafter in this Chapter referred to as the substituted subscriber) in place of the defaulting subscriber whose name has been
