370Excess share interest not to affect loan liability

#### 370 Excess share interest not to affect loan liability 370 Excess share interest not to affect loan liability > > (1) This section applies if a co-operative has made a loan to a member and the member had or has a relevant interest in shares of the co-operative in contravention of this Division. > > > (2) Until the amount lent to the member has been repaid to the co-operative (with the interest payable), the member is liable to make to the co-operative the payments the member would be liable to make if all the shares concerned were lawfully held by the member. > > > (3) Security for the repayment of the loan is not affected by a contravention of this Division.