(1) A nonprized subscriber who defaults in paying his subscription in accordance with the terms of the chit agreement shall be liable to have his name removed from the list of subscribers. Every such removal shall, with the date thereof, be entered in the relevant book maintained by the Foreman. A written notice of such removal shall be given by the Foreman to the defaulting subscriber within fourteen days of such removal.
(2) A true copy of the entry referred to in subsection (1) shall be filled by the Foreman with the Registrar within fourteen days from the date of such removal.
(3) Any defaulting subscriber aggrieved by the removal of his name from the list of subscribers may, within seven days of the communication to him of the notice of removal, appeal to the Registrar.
(4) The Registrar may, after giving the parties an opportunity of being heard, pass such orders on the appeal as he thinks fit, and the decision of the Registrar shall be final.
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