Section 51: Reference interest rate may be determined

1) The Registrar may, on the recommendation of the following committee, determine the reference interest rate and the upper ceiling of a transaction referred to in sub-Section (4) of Section 41 for the purpose of Cooperative Organization in the context of savings and credit:

2) The reference interest rate determined pursuant to sub-Section (1) shall be the directive interest rate for Cooperative Organization.

3) The bases and procedures for determining the reference interest rate shall be as specified in the bylaws of the concerned Organization.