Act Number: 40

Act Name: The Chit Funds Act, 1982

Year: 1982

Enactment Date: 1982-08-19

Long Title: An Act to provide for the regulation of chit funds and for matters connected therewith.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 26: Withdrawal of foreman.
    (1) No foreman, or where there are more than one foreman in a chit, none of them shall withdraw from the chit until its termination unless such withdrawal is assented to in writing by all the non-prized and unpaid prized subscribers and a copy of such assent has been filed with the Registrar under section 41.
     (2) The withdrawal from a chit of any one of the foreman shall not affect the security given by him under section 20 or section 31.
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