Penalty interest on arrears
29 Penalty interest on arrears
S. 29(1) amended by No. 1/2010 s. 23(1).
If authorised by a resolution at a general meeting, an owners corporation may charge interest on any amount payable by a lot owner to the owners corporation that is still outstanding after the due date for payment.
The rate of interest charged must not exceed the maximum rate of interest payable under the Penalty Interest Rates Act 1983.
The owners corporation may waive the payment of interest in a particular case.
S. 29(4) inserted by No. 1/2010 s. 23(2).
The owners corporation must report to the annual general meeting on any decision under subsection (3) to waive or not to waive the payment of interest in a particular case and the reasons for that decision.
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