7 Share Capital and Allotment

(1) Every Nidhi shall issue ¹[fully paid up] equity shares of the nominal value of not less than ten rupees each:

Provided that this requirement shall not apply to a company referred to in sub-rules (a) and (b) of rule 2.

(2) No service charge shall be levied for issue of shares.

(3) Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees:

Provided that a savings account holder and a recurring deposit account holder shall hold at least one equity share of rupees ten.

Amendment

1.  Inserted by Nidhi (Amendment) Rules 2019    Amendment Effective from 15th August 2019.