|
|
39.
Provision for continuation of chits in certain
cases.- (1) Where a foreman dies or
becomes of unsound mind or is otherwise incapacitated,
the chit may continue in accordance with the
provisions of the chit agreement.
(2) Where a foreman is adjudicated
as insolvent, or withdraws from the chit under
section 26, or fails to conduct the chit at
any installment or on any other date before
the next succeeding installment as may have
been agreed upon by a special resolution, any
one or more of such subscribers authorised by
such resolution may, in the absence of any provision
in the chit agreement for the future conduct
of the chit, take the place of the foreman and
continue the chit or make other arrangements
for the further conduct of the chit.
|
