(Contd.)

24.Balance sheet.- Without prejudice to the provisions of the Companies act,Act, 1956 (1 of
 1956.),every foreman shall prepare and file with the Registrar within such item as may be
 prescribed, abalancea balance sheet as on the last date of each calendar year, or as the case may be
 the financial yearofyear of the foreman, and a profit and loss account relating to the year of
 account, in the forms set outinout in Parts I and II of the Schedule or as near thereto as
 circumstances admit, in respect of the chitbusinesschit business and audited by auditors qualified to act
 as auditors under the Companies act, 1956, orbyor by chit under appointed under section 61:
 

Provided that where a balance sheet is audited by an auditor qualified to act as auditor
 under the Companies Act, 1956 (1 of 1956.), a chit auditor appointed under section 61 shall
 have the right to audit the balance sheet at any time if so authorised by the Registrar in
this behalf.

25.Liability of foreman to subscribers.-

(1) Every foreman shall be liable to account to the subscribers for the amounts due to
 them.

(2) Where there areis more than one foreman in a chit, each one of them jointly and
 severally and if the foreman is a firm or other association of individuals each one of the
 partners or individuals thereof jointly and severally and if the foreman is a company,
 the company as suchsuch, ,shall be liable to the subscribers in respect of the obligations
 arising out of the chit.

26. Withdrawal of foreman.-

(1) No foreman, or where there areis more than one foreman in a chit, none of them shall
 withdraw formfrom the chit until its termination unless such withdrawal is assented to in writing
 by all the non-prized and unpaid prized subscribers and a copy of such assent has been filed
 with the Registrar under section 41.

(2) The withdrawal from a chit of any one of the foremanforemen shall not affect the security given
 by him under section 20 or section 31.