Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

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.

Cooperative Societies Act, 2008 Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys