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Co-Operative Societies Act 2008

33. Interest on loans

1.      For the purposes of section 199(2) of the Act, no interest payments are to be included in the credit unionís income where the interest payments are with respect to a doubtful loan for which an allowance has been made pursuant to Regulation 28 and/or 29.

2.      Subject to paragraph (3), a credit union may include in its income a maximum of 2 months accrued interest with respect to a loan.

3.      The Registrar, in writing, may allow a credit union to include in its income accrued interest on loans where the interest has accrued for a period longer than 2 months.

Cooperative Societies Act, 2008 Back

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