NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 822

SENATE BILL 936

 

 

AN ACT TO AMEND CHAPTER 24 OF THE GENERAL STATUTES TO SET THE LEGAL RATE OF INTEREST FOR COOPERATIVE MARKETING ASSOCIATIONS AT TEN PERCENT (10%).

 

The General Assembly of North Carolina enacts:

 

Section 1.  Chapter 24 of the General Statutes of North Carolina is hereby amended by adding a new G.S. 24-1.3 thereto to read as follows:

"§ 24-1.3.  Legal rate of interest payable by cooperative marketing associations. — Unless a greater rate of interest is allowed by this Chapter, the legal rate of interest payable by cooperative marketing associations shall not exceed ten percent (10%) per annum."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 25th day of June, 1975.