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Section 51
A reference interest rate can be set
: (1) The registrar may prescribe the reference interest rate (reference interest rate) and the maximum limit of the transaction of sub-section (4) of section 41 for the purposes of the cooperative organization on the recommendation of the following committee:-
(a) Registrar-Convenor
(b) Representative, Ministry - Member
(c) Representative, Ministry of Finance - Member
(d) Representative, Nepal Rastra Bank - Member
(e) Representative, National Cooperative Development Board - Member
(f) Chairman of the National Co-operative Federation or the managing representative appointed by him - Member
(g) Representative, National Co-operative Bank - Member
(h) One member appointed by the President of the General Association or a director appointed by him and two members from the Central Subject Associations designated by the General Association. (i) Deputy Registrar, Co-operative Department - Member Secretary
(2) The reference interest rate specified in accordance with sub-section (1) shall be the indicative interest rate for cooperatives.
(3) The basis and procedure for determining the reference interest rate shall be as prescribed.