In force · As amended up to 2026-08
3. The word "and" omitted by s. 8, ibid. (w.e.f. 1-1-2020).
4. Ins. by s. 8, ibid. (w.e.f. 1-1-2020).
5. Subs. by s. 3, ibid ., for "prize amount" (w.e.f. 1-1-2020).
Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the[1] [net chit amount] subject to his complying with the provisions of section 31:
Provided further that the foreman may appropriate to himself the interest accruing on the amount deposited under the second proviso to sub-section (1).
(5) The foreman shall not admit any person as a subscriber to a chit, if, by such admission, the total number of tickets mentioned in the chit agreement is increased.
(6) The foreman shall distribute among the subscribers, in accordance with the chit agreement, the 2[share of discount] either in cash, grain or by way of adjustment towards the subscriptions payable for the next instalment, if any.
Source: India Code