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Co-Operative Societies Act 2008

198. Reporting loans

1.      Where a credit union is reporting loans on the balance sheet in its annual financial statements, it shall report the loans at their net estimated value after deducting the allowance for doubtful loans pursuant to section 194.

2.      Any advance given by way of overdraft or line of credit is deemed to be a loan for the purposes of the balance sheet and must be reported as a loan.

Cooperative Societies Act, 2008 Back

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