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Home Bare Acts Phrase: foreman Page 1 of about 95 results ( seconds)Chit Funds Act, 1982 Chapter III
Title: Rights and Duties of Foreman
State: Central
Year: 1982
.....shall deposit the prize amount forthwith in a separate account in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit and the reasons therefor to the prized subscriber and the Registrar: Provided that where any prized subscriber does not collect the prize amount in respect of any instalment of a chit within a period of two months from the date of the draw, it shall be open to the foreman to hold another draw in respect of such instalment. (3) Every payment of the prize amount or the amount of future subscriptions under sub-section (1), and the deposit of the prize amount under sub-section (2), shall be intimated to the subscribers at the next succeeding draw and the particulars of such payment or deposit shall be entered in the minutes of the proceedings of that draw. (4) The foreman shall not appropriate to himself any amount in excess of what he is entitled to under clause (b) or clause (c) of sub-section (1) of section 21: Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with provisions of section 31: Provided.....
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 22
Title: Duties of Foreman
State: Central
Year: 1982
.....subscribers at the next succeeding draw and the particulars of such payment or deposit shall be entered in the minutes of the proceedings of that draw. (4) The foreman shall not appropriate to himself any amount in excess of what he is entitled to under clause (b) or clause (c) of sub-section (1) of section 21: Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with 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 dividend either in cash, grain or by way of adjustment towards the subscriptions payable for the next instalment, if any.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 20
Title: Security to Be Given by Foreman
State: Central
Year: 1982
.....of the Registrar; or (c) transfer in favour of the Registrar such other securities, being securities in which a trustee may invest money under section 20 of the Indian Trusts Act, 1882 (2 of 1882), of such value, as may be prescribed by the State Government from time of time: Provided that the value of the securities referred to in clause (c) shall not, in any case, be less than one and a half times the value of the chit amount. (2) Where a foreman conducts more than one chit, he shall furnish security in accordance with the provisions of sub-section (1) in respect of each chit. (3) The Registrar may, at any time during the currency of the chit, permit the substitution of the security: Provided that the face value or market value (whichever is less) of the substituted security shall not be less than the value of the security given by the foreman under sub-section (1). (4) The security given by the foreman under sub-section (1), or any security substituted under sub-section (3), shall not be liable to be attached in execution of a decree or otherwise until the chit is terminated and the claims of all the subscribers are fully satisfied. (5) Where the chit is.....
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 33
Title: Foreman to Demand Future Subscriptions by Written Notice
State: Central
Year: 1982
.....in the chit agreement and the cost of adjudication of the dispute, the Registrar or his nominee hearing the dispute shall, notwithstanding any contract to the contrary, make an order directing the subscriber to pay to the foreman the future subscriptions on or before the dates on which they fall due, and that, in case of any default of such payments by the subscriber, the foreman shall be at liberty to realise, in execution of that order, all future subscriptions and interest together with the costs, if any, less the amount, if any, already paid by the subscriber in respect thereof: Provided that if any such dispute is on a promissory note, no order shall be passed under this sub-section unless such promissory note expressly states that the amount due under the promissory note is towards the payment of subscriptions to the chit. (3) Any person who holds any interest in the property furnished as security or part thereof, shall be entitled to make the payment under sub-section (2). (4) All consolidated payment of future subscriptions realised by a foreman shall be deposited by him in an approved bank mentioned in the chit agreement before the date of the succeeding.....
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 23
Title: Books, Records, Etc., to Be Kept by Foreman
State: Central
Year: 1982
.....recognised by the foreman; (b) a book containing the minutes of the proceedings of each draw; (c) a ledger containing - (i) the amounts paid by the prized subscribers in each chit and the dates of such payments; (ii) the amounts paid to the prized subscribers and the dates of such payments; and (iii) in the case of any deposit in an approved bank mentioned in the chit agreement, the date and the amount of such deposit; (d) a register in the prescribed form showing the amounts deposited in approved banks as required under the provisions of this Act in respect of all chits conducted by the foreman at his office; and (e) such other registers and books in such form as may be prescribed by the State Government within whose jurisdiction the chit is conducted.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 25
Title: Liability of Foreman to Subscribers
State: Central
Year: 1982
(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.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 26
Title: Withdrawal of Foreman
State: Central
Year: 1982
(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 effect the security given by him under section 20 or section 31.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 34
Title: Restrictions on Transfer of Rights of Foreman
State: Central
Year: 1982
(1) No transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall be made without the previous sanction in writing of Registrar. (2) Any transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall, if it is likely to defeat or delay the interests of a non-prized or unpaid prized subscriber, be voidable at the instance of such subscriber. (3) When under sub-section (2), a transfer is disputed by a subscriber, the burden of providing that the foreman was in solvent circumstances at the time of the transfer and that the transfer does not defeat or delay the interests of such subscriber is on the transferee.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 57
Title: Cessation of Winding Up Proceedings on Insolvency of Foreman, Etc., or the Winding Up of the Company and Transfer of Such Proceedings
State: Central
Year: 1982
Where during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to be wound up by the court, the winding-up proceeding under this Chapter shall cease and the distribution of the chit assets shall, subject to the provisions of sections 43 and 52, be made by the insolvency court or the court winding up the company, as the case may be.
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 44
Title: Foreman to Allow Certain Subscribers to Inspect Chit Records
State: Central
Year: 1982
Every foreman shall, on payment of such fee not exceeding five rupees as may be specified in the chit agreement, allow the non-prized subscribers and unpaid prized subscribers reasonable facilities on all the dates of draw or on such other dates and within such hours as may be provided for in the chit agreement, for the inspection of security bonds and documents, receipts and other records taken from the prized subscribers, or furnished by the foreman as a subscriber and all chit records, including books of accounts, pass-books, balance-sheet and profit and loss accounts and such other records as may show the actual financial position of the chit.
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