law: Co-Operative Societies Act 2008 
  29.
  
  Overdue Loans
  1.      The loss exposure on
  
  overdue loans at the end of the fiscal year, shall be calculated in accordance
  
  with Schedule.
  2.      For the purpose of
  
  these Regulations, “overdue loan” means a personal, mortgage or other
  
  type of loan on which the member is in default for more than 60 days on a
  
  payment or payments of principal or interest according to any agreement he has
  
  with the credit union.