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Co-Operative Societies Act 2008

29. Overdue Loans

1.     The loss exposure on overdue loans at the end of the fiscal year, shall be calculated in accordance with Schedule.

Duration of period of Overdue Loans

Percentage of Outstanding Loans Balance that is Deemed Loss Exposure

2 months but less than 6 months

25 percent

6 months but less than 9 months

50 percent

9 months but less than 12 months

75 percent

12 months and over

100 percent

2.     For the purpose of these Regulations, “overdue loan” means a personal, mortgage or other type of loan on which the member is in default for more than 60 days on a payment or payments of principal or interest according to any agreement he has with the credit union.

Co-Operative Societies Act 2008 Back

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