Section 55
Suits, etc., to be stayed on winding up order.
About this Act
An Act to provide for the regulation of chit funds and for matters connected therewith.
When a winding up order has been made or a
receiver has been appointed, no suit or other legal proceedings shall be continued or commenced against
the foreman by a subscriber for the realisation of amounts due to him in respect of the chit except with the
leave of the Registrar winding up the chit and on such terms as he may impose.