https://www.taxtmi.com/caselaws?id=313186 Section 26 of the A.P. Chit Funds Act, 1971 restricts transfer of the foreman's right to recover subscriptions from a prized subscriber without prior written sanction, but the transfer is not void and is only voidable at the instance of affected subscribers. The court held that the foreman could assign the debt recovery right, so the suit on the assignment deed was maintainable. Where the prized subscriber defaulted after receiving the prize amount, the contractual terms denying dividend and allowing interest on the amount due applied, and the subscriber was liable for both consequences. The dismissal decree was set aside and the suit was decreed with costs. en-us Fri, 16 Aug 1996 00:00:00 +0530 Fri, 29 Mar 2024 11:16:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313186 Section 26 of the A.P. Chit Funds Act, 1971 restricts transfer of the foreman's right to recover subscriptions from a prized subscriber without prior written sanction, but the transfer is not void and is only voidable at the instance of affected subscribers. The court held that the foreman could assign the debt recovery right, so the suit on the assignment deed was maintainable. Where the prized subscriber defaulted after receiving the prize amount, the contractual terms denying dividend and allowing interest on the amount due applied, and the subscriber was liable for both consequences. The dismissal decree was set aside and the suit was decreed with costs. Case-Laws Indian Laws Fri, 16 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313186