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Can a body corporate charge interest on the late payment of levies?

April 26, 2017body charge corporate late levies payment

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Can a body corporate charge interest on the late payment of levies?

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A. Under section 52 of the Unit Titles Schemes (Management Modules) Regulations which now apply to both the existing Unit Titles Act and the new Unit Titles Schemes Act Clause; 52 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; 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. (3) The body corporate may decide to waive the interest in a particular case.