344Interest payable on compulsory loan

344 Interest payable on compulsory loan (1) The rate of interest payable by a co-operative for a loan under section 343 during a period is: (i) the rate (or, if there is more than one rate, the higher or highest rate) of dividend payable for the period on the share capital of the co-operative; or (ii) if the rate of dividend payable for the period has not been decided – the rate (or the higher or highest rate)

Co-operatives (National Uniform Legislation) Act 2015 221 share capital of the co-operative – the rate the board of the co-operative considers reasonable; or (b) for a co-operative without share capital – the rate the board of the co-operative considers reasonable; or or (b) – the higher rate. (2) A member may agree to the rate of interest being less than what would otherwise be payable under this section and may agree to no interest being paid. Division 2 Co-operative capital units (CCUs)