Loans; required interest rate

Sec. 10. Subject to section 9 of this chapter, the: (1) principal belonging to a fund; and (2) accumulations to the principal of a fund held by a county; must be loaned at four percent (4%) per annum. Loans made before June 1, 1943, with a rate of interest higher than four percent (4%) per annum must have an interest rate of four percent (4%) per annum. [Pre-2006 Recodification Citation: 21-1-7-1.] As added by P.L.2-2006, SEC.165.