MCF Rules 16Chapter III · Foreman

Section 16 · Substitution of security

(1)

During the currency of a chit, the Foreman may apply in Form V to the Registrar for permission to substitute the security given by him for the proper conduct of the chit by fresh security.

(2)

The Registrar may grant the permission after satisfying himself,-

(i)

that the request of the Foreman for the substitution of the security given under section 13 is for reasons stated in the application; and

(ii)

that the fresh security offered is adequate.

(3)

The procedure prescribed in rule 15 shall apply mutatis mutandis to substituted security given by the Foreman under this rule.

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