Clause 41

The sale of the chit fund amounts may, if the terms and conditions of the agreement provided therefor, be effected by way of sealed tenders as an alternative to an auction if, at a duly convened meeting of the subscribers held before the sale of the first chit fund amount, the subscribers by a majority representing three-fourths of the chit fund amount resolve to adopt the method of sealed tenders; and the method adopted for the sale of the first chit fund amount shall be followed at each subsequent sale in connection with that chit fund:Provided that in every case where the tenders of two or more subscribers are of the same value, the chit fund amount shall be put up for sale by auction among those subscribers, and the initial bid at every such auction shall be the amount set out in the tenders of those subscribers.