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CHAPTER XXVI
NIDHIS
406.Power to modify Act in its application to Nidhis.
(1) In this section, “Nidhi” means a company which has been incorporated as a
Nidhi with the object of cultivating the habit of thrift and savings amongst its members,
receiving deposits from, and lending to, its members only, for their mutual benefit, and which
complies with such rules as are prescribed by the Central Government for regulation of such
class of companies.
(2) Save as otherwise expressly provided, the Central Government may, by notification,
direct that any of the provisions of this Act shall not apply, or shall apply with such exceptions,
modifications and adaptations as may be specified in that notification, to any Nidhi or
Nidhis of any class or description as may be specified in that notification.
(3) A copy of every notification proposed to be issued under sub-section (2), shall be
laid in draft before each House of Parliament, while it is in session, for a total period of thirty
days which may be comprised in one session or in two or more successive sessions, and if,
before the expiry of the session immediately following the session or the successive sessions
aforesaid, both Houses agree in disapproving the issue of the notification or both Houses
agree in making any modification in the notification, the notification shall not be issued or, as
the case may be, shall be issued only in such modified form as may be agreed upon by both
the Houses.
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