Enumerate the conditions specified under Rule 4 and Rule 5 of the Nidhi Rules 2014 for registration of a Nidhi Company under the provisions of Companies Act, 2013.

As per section 406 of the Companies Act, 2013, a company which desires to be incorporated as Nidhi Company should comply with the rules prescribed for that purpose. Rule 4 and 5 of the Nidhi Rules, 2014 prescribed the conditions for registration of a company as a Nidhi company. Rule 4 states that a Nidhi Company shall be a public company. It must have a minimum paid up equity share capital of five lakh rupees. The Nidhi Company shall have only one object in its memorandum and that should be cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. Every Company incorporated as a Nidhi company shall have the last words 'NIDHI LIMITED' as part of its name. Rule 5 states that, every Nidhi shall, within a period of one year from the commencement of these rules, ensure the following: That it has not less than two hundred members. Net Owned Funds of ten lakh rupees or more. Unencumbered Term Deposits of not less than ten per cent of the outstanding deposits as specified in Rule 14. Ratio of Net Owned Funds to deposits of not more than 1:20. The process of incorporation of a Nidhi company is same as of incorporation of a public company limited by shares.