Louisiana Revised Statutes 6:652.1 – Types of capital
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 6:652.1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A credit union may issue any type or kind of share or savings account representing savings of members of the credit union as may be authorized by the board of directors of the credit union, and may agree to pay an additional or different rate of dividend or interest on any share or savings account based upon its classification with respect to the character, amount, duration, or regularity of the transactions with respect to such share or savings account, provided the credit union pays the same dividend or interest rate on all shares or savings accounts in the same classification.
Added by Acts 1977, No. 165, §2. Amended by Acts 1981, No. 166, §1.