Sec. 3-44. Interest on overdue loans.
Sec. 3-44. Interest on overdue loans. When the semiannual interest due on any
bond or note given for moneys loaned from the School Fund or the Agricultural College
Fund remains unpaid fifteen days or more after it has become due, the Treasurer is
authorized to charge interest thereon from the time the same became due and, if the
semiannual interest remains unpaid six months after it becomes due, the interest charged
shall be at the rate of nine per cent per annum until the same is paid. The Treasurer is
authorized to waive interest due or to become due on unpaid interest.
(1949 Rev., S. 134, 136; 1957, P.A. 506, S. 2.)