Section 31
Prized subscriber to furnish security.
About this Act
An Act to provide for the regulation of chit funds and for matters connected therewith.
Every prized subscriber shall, if he has not offered to
deduct the amount of all future subscriptions from the 1[net chit amount] due to him, furnish, and a foreman
shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized
subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of
the Registrar.
Notes
1. Subs. by Act 41 of 2019, s. 3, for “prize amount” (w.e.f. 1-1-2020).