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In chit funds, can release colloidal surety without the knowledge of other surety before completing chit?

April 26, 2017chit Colloidal Ethics funds government Law politics release surety

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In chit funds, can release colloidal surety without the knowledge of other surety before completing chit?

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It is not necessary for the chit fund authorities to proceed against all the sureties.Each surety is liable for the full amount guaranteed by each.The Chit fund is well within its rights to release any surety that it desires with or without the knowledge of the other surety.The other surety cannot escape liability by such an action of the chit fund authorities and is fully accountable.