Rule 7 - Share capital and allotment. - Nidhi Rules, 2014

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. ********* Notes 1. Inserted vide Notification No. [F. No. 1/24/2013-CL-V(Part)] dated 01-07-2019 w.e.f. 15-08-2019