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Interest on unpaid contributions - S.79 (2)
A contribution, if not paid at the end of one month after it becomes due and payable bears simple interest at an annual rate of ten percent (10%) until paid or, if the regulations provide for another rate, that other rate. The payment of interest con only be waived by the owners corporation in general meeting.
When contribution recoverable as a debt - S.80 (1)
An owners corporation may recover as a debt a contribution not paid at the end of one month after it becomes due and payable, together with any interest payable and the expenses of the owners corporation incurred in recovering those amounts.
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