In force · As amended up to 2026-08
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.
Source: India Code