Australian Capital Territory Current Acts

UNIT TITLES (MANAGEMENT) ACT 2011 - SECT 94

    (1)     If an amount owing to an owners corporation by a unit owner is not paid on or before the date it becomes payable, unless otherwise decided by ordinary resolution, the amount bears simple interest until paid—

        (a)     at an annual rate of 10%; or

        (b)     at an annual rate of less than 10%, if decided by special resolution; or

        (c)     at an annual rate of more than 10% and not more than 20%, if decided by special resolution.

    (2)     Interest on an amount owing to the owners corporation is payable into the fund into which the amount owing is payable.