Model By–Laws of Cooperative Housing Society
IX. LEVY OF CHARGES OF THE SOCIETY ByLaw No 71
Bye Law No 71. Interest on defaulted charges
A Member shall be required to pay simple interest at twenty one percent per annum, or, at such lower rate as may be fixed by the General Body, on the outstanding dues to the Society, from the date the amount was due as prescribed under Bye-law no. 69, till full and final payment by the Member