COMMUNITY LAND MANAGEMENT ACT 1989 - SECT 20A
Interest and discounts on contributions
COMMUNITY LAND MANAGEMENT ACT 1989 - SECT 20A
Interest and discounts on contributions
20A Interest and discounts on contributions
(1) A contribution, if not paid at the end of one month after it becomes due
and payable, bears until paid simple interest at an annual rate of 10 per cent
or, if the regulations provide for another rate, that other rate.
(2)
However, an association may by special resolution determine (either generally
or in a particular case) that a contribution is to bear no interest.
(3) An
association may, by special resolution, determine (either generally or in a
particular case) that a person may pay 10 per cent less of a contribution
levied if the person pays the contribution before the date on which it becomes
due and payable.
