Prized subscriber to furnish security
Section 31 of the Chit Funds Act, 1982 deals with prized subscriber to furnish security. Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the [net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall giv The Act came into force on 02 Apr 1984.
Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the 1[net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of the Registrar.
Section 31, The Chit Funds Act, 1982 (Act 40 of 1982).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 4
Judgments citing this section
These may be obiter dicta or a precedent, for you to study. These are the judgments where this section is quoted.
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… Learned counsel submits that the allegations are not true. It is submitted that M/s. Gokulam Chits and Finance Company Private Limited is authorized conducted chitties. That 2 Company is not engaged in money lending business. It is submitted that under Section 31 of the Chit Funds Act, 1982 the Company is entitled to collect security from the prized subscribers. Whenever the subscribers are paid the prize money, security is obtained from them. The agreements and blank cheques are for recovery of the amounts given to the subscribers. Learned counsel submits that if at all …
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… discussion deleting the impugned bad debt disallowance as under : --Space left intentionally-- 3.0.18 Finally, Section 22 of The Chit Funds Act 1982 stipulates duties of the Foreman, which says that the Foreman shall obtain sufficient security from the prized subscriber to ensure payments of future subscription. Section 31 of the Chit Funds Act 1982 further stipulates that the prized subscriber shall furnish and the Foreman shall take sufficient security for the due payment of future subscriptions. Further, according to Sec.33 of the said Act, in case of necessity, the Foreman has the right to demand consolidated payments of all …
Questions about Section 31
What does Section 31 of the Chit Funds Act deal with?
Section 31 of the Chit Funds Act is headed "Prized subscriber to furnish security". Every prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the [net chit amount] due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall giv
How do I find court cases under Section 31 of the Chit Funds Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Chit Funds Act 1982 31, section 31 Chit Funds Act 1982, section 31 of the Chit Funds Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 31 of the Chit Funds Act, and has it changed?
4 other provisions in this corpus refer back to it.
When did Section 31 of the Chit Funds Act come into force?
Section 31 of the Chit Funds Act, cited as Chit Funds Act 1982 31, came into force on 02 Apr 1984, having been enacted on 19 Aug 1982. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Definitions795 words
- 6. Form of chit agreement577 words
- 22. Duties of foreman483 words
- 89. Power to make rules471 words
- 20. Security to be given by foreman428 words
- 67. Procedure for settlement of disputes and powers of Registrar or nominee419 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 14 Oct 2026. This page is not a substitute for legal advice.