164Interest on deposits, debentures and CCUs

#### 164 Interest on deposits, debentures and CCUs 164 Interest on deposits, debentures and CCUs > > (1) This section applies when the amount payable to a former member under section 128 or 163 is applied as a deposit with the co-operative or the co-operative allots or issues debentures or CCUs to the former member in satisfaction of the amount. > > > (2) The deposit, debenture or CCU bears interest during any period— > > > > > (a) for a co-operative with share capital— > > > > > > > (i) at the rate (or, if there is more than one rate, at the higher or highest rate) of dividend payable for that period on the share capital of the co-operative; or > > > > > > > (ii) if the rate of dividend payable for that period has not been decided—at the rate (or the higher or highest rate) payable for the immediately preceding period for which a rate has been decided; or > > > > > > > (iii) if a rate of dividend has never been decided for the share capital of the co-operative—at the rate the board of the co-operative considers reasonable; or > > > > > (b) for a co-operative without share capital—at the rate the board of the co-operative considers reasonable; or > > > > > (c) if the rules of the co-operative provide for a rate to be payable that is higher than the rate applicable under paragraph (a) or (b)—at the higher rate. > > > (3) A former member may agree to the rate of interest being lower than that which would otherwise be payable under this section and may agree to no interest being paid. > > > (4) The following provisions of the Corporations Act, as applying under section 337 of this Law, do not apply to an allotment or issue of debentures or CCUs under this section— > > > > > (a) Chapter 2L; > > > > > (b) Chapter 6D.