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      Question

      Every Nidhi Company shall, within a period of one year

      from the commencement of the Nidhi Rules 2014, ensure that it has _______________
      A Not less than two hundred members Correct Answer Incorrect Answer
      B Net owned funds of ten lakh rupees or more Correct Answer Incorrect Answer
      C Encumbered term deposits of not less than ten per cent of the outstanding deposits Correct Answer Incorrect Answer
      D Both a & b Correct Answer Incorrect Answer
      E All a b & c Correct Answer Incorrect Answer

      Solution

      Section 5  for minimum number of members, net owned fund etc.: (1) Every Nidhi shall, within a period of one year from the commencement of these rules, ensure that it has:  (a) not less than two hundred members; (b) Net Owned Funds of ten lakh rupees or more; (c) unencumbered term deposits of not less than ten per cent of the outstanding deposits as specified in rule 14; and (d) ratio of Net Owned Funds to deposits of not more than 1:20.

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