Legal & Compliance
Issue
Preference Shares,
D ebentures or
A ny Other Debt Instrument by any name or in any form whatsoever;
Open any Current Account with its members;
Acquire another company by;
Purchase of securi es or
Control the composi on of the Board of Directors of any other company in any manner
whatsoever or
Enter into any arrangement for the change of its management, unless it has passed a special
resolu on in its general mee ng and also obtained the previous approval of the Regional Director
having jurisdic on over Nidhi;
Carry on any business other than the business of borrowing or lending in its own name;
Accept Deposits from or lend to any person, other than its members;
Pledge any of the assets lodged by its members as security;
Take Deposits from or lend money to anybody corporate;
Enter into any Partnership Arrangement in its borrowing or lending ac vi es;
Issue or cause to be issued any adver sement in any form for solici ng deposit;
Pay any brokerage or incen ve for mobilizing deposits from members or for deployment of funds or
the gran ng loans.
Share capital allotment:
Every Nidhi shall allot
To each deposit holder at least a minimum of 10 equity shares or shares equivalent to Rs.100/-.
To each savings account holder and a recurring deposit account holder at least 10 equity shares
of Rs.10/-.
www.Venture-Care.com/Magazine
October 2017
13