Section 25 of the Chit Funds Act, 1982 – Liability of foreman to subscribers

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Section 25: Liability of foreman to subscribers

  • (1) Every foreman shall be liable to account to the subscribers for the amounts due to them.
  • (2) Where there are more than one foreman in a chit, each one of them jointly and severally and, if the foreman is a firm or other association of individuals, each one of the partners or individuals thereof jointly and severally and, if the foreman is a company, the company as such, shall be liable to the subscribers in respect of the obligations arising out of the chit.

Source: official text of The Chit Funds Act, 1982 as published on India Code (PDF). All sections of the Chit Funds Act, 1982.

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