assessee in the matter of paying the defaulted instalments and enters into the shoes of the defaulting subscriber. Until a new subscriber is found ... dividend paid to the new subscriber. If a new subscriber is not found and the assessee continues to subscribe to the chit till after
subscription. On default
taking place, the foreman is entitled to recover the
consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... 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
subscription. On default
taking place, the foreman is entitled to recover the
consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... 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
subscription. On default
taking place, the foreman is entitled to recover the
consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... 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
dividend of each draw even to the defaulted subscriber as and
when the subscriber pays the defaulted subscription."
11. Section ... half, of the amount due from
prized subscriber,
(f) to substitute subscribers in place of defaulting subscribers;
[(fa) to exercise his right to lien against
Subsequently, prize
subscriber committed default in payment of chit
dues of the prized ticket/chit and thus, became
defaulting subscriber and inspite of repeated
demands ... Subsequently, prize
subscriber committed default in payment of chit
dues of the prized ticket/chit and thus, became
defaulting subscriber and inspite of repeated
demands
committed default in payment of the subsequent instalments. Under the terms of the two mortgage deeds, if default is committed by the prized subscriber ... mensem was upheld in AIR 1933 Mad 252. If a prized subscriber defaults in prompt payment of his subscriptions the foreman will be obliged
prized subscribers and the prized subscribers. Section 21 of the Act casts the duty on the part of each non-prized subscriber ... subscribers. But for such obligations there will be no difference between the liability of the prized subscriber and the non-prized subscriber and both arise
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
