The first player to hit a shot that corresponds with the designation on the chip is given that chip. He keeps that chip until someone else hits the same shot. The chip is then passed to the next player who makes that same shot.
Group will decide before teeing off!
Now for the good part! At the beginning of the round, each chip is assigned a designated monetary value. At the end of the round, those players holding the negative chip pays each player the designated amount for each chip he is holding those holding the positive chip will receive the same amount from each of the other players.
The payoff is determind by the last golfer holding the chip. The cash-in is at the 19th holes.