Section 26 of the Chit Funds Act, 1982 – Withdrawal of foreman

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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.

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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