43
In forceInterest on late payment
Schedule 3Management module 3 – small scheme
43 Interest on late payment
(1) The body corporate may charge interest for the late payment of contributions and special levies.
(2)
The interest rate is:
(a) an amount, decided by the body corporate, not more than the rate fixed from time to time for section 85 of the Supreme Court Act 1979; or
(b) if the body corporate does not decide an amount – the rate fixed from time to time for section 85 of the Supreme Court Act 1979.
(3) The body corporate may decide to waive the interest in a particular case.
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