Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 269

    (1)     The rate of interest payable by a cooperative in relation to a loan under section 268 during any period is—

        (a)     for a cooperative with share capital—

              (i)     the rate (or, if there is more than 1 rate, the higher or highest rate) of dividend payable in relation to the period on the share capital of the cooperative; or

              (ii)     if the rate of dividend payable in relation to the period has not been decided—the rate (or the higher or highest rate) payable in relation to the last period for which a rate has been decided; or

              (iii)     if a rate of dividend has never been decided in relation to the share capital of the cooperative—the rate that the board of the cooperative considers reasonable; or

        (b)     for a cooperative without share capital—the rate that the board of the cooperative considers reasonable; or

        (c)     if the rules provide for a rate to be payable that is higher than the rate applying under paragraph (a) or (b)—the higher rate.

    (2)     A member may agree to a lesser rate of interest than the rate that would otherwise be payable under this section and may agree to no interest being paid.