Membership

Membership .—(1) A Nidhi shall not admit a body corporate or trust as a member.

(2)

Except as otherwise permitted under these rules, every Nidhi shall ensure that its membership is not reduced to less than two hundred members at any time.

(3)

A minor shall not be admitted as a member of Nidhi:

Proviso

Provided that deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of Nidhi.

(4)

A member shall not transfer more than fifty percent of his shareholding (as on the date of availing of loan or making of deposit) during the subsistence of such loan or deposit, as the case may be.

Proviso

Provided that the member shall retain the minimum number of shares required under subrule (3) of rule 7 at all times

Notes, amendments & references (1)

Inserted vide the Nidhi (Amendment) Rules, 2022 dated 19.04.2022. To view the Notification, Click Here .