चिट फंड विभाग
Delhi Chit Fund Rules
Chapter VI
A FOREMAN WHEN PRIZED TO GIVE SECURITY
24. Foreman, if Prized subscriber, to give security.-
(1) In the event of the foreman himself becoming a prized subscriber he shall give security to the satisfaction of the Registrar for the payment of the future subscriptions.
(2) The security referred to in sub-rule (1) shall either be cash deposited in an approved bank or a security bonds executed with two personal securities each owning immovable property, or a bond executed charging immovable property.
(3) If cash security is offered, an amount equal to the future subscriptions shall be deposited by the foreman in an approved bank in a separate account in his name. The pass book thereof shall be handed over to the Registrar, and the facts intimated to the bank.
(4) If the security bond with two personal surety is offered, the bond shall be for twice the amount of future subscriptions.
(5) The provisions of the chapter V, so far as they relate to giving of immovable Property and release of charged property shall apply mutatis mutandis to every application by the prized foreman for giving security of immovable property or for release of charged property.
25.Withdrawals from the cash deposit.- No withdrawals from the cash deposit shall be effected by the foreman except to meet the payments in connection with the instalments of the chits as and when they fall due and with the previous approval of the Registrar.