Coop housing sociery bye laws

Maitri Gda (Querist) 11 August 2011 This query is : Resolved
As per Guidlines of Coop Housing Society Bye Law can Society Charge Interest on Penalty Which is not paid by member against Protest?

Can Society Charge Interest on earlier Interest not paid?

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Raj Kumar Makkad (Expert) 11 August 2011
Interest on interest cannot be charged by society, however, penalty can be charged from its members.

M/s. Y-not legal services (Expert) 12 August 2011
Yes. Am also agree with my senior.

AMIT SANKLECHA (Expert) 12 August 2011
Dear
Maitri

Please check the Articles & Memorandum of associations of the society whether the society have a right to levy intrest on penlaty or are such rights given in any meeting. Do also check the minutes of the meeting.

Thus is such rights are given, then the member is bound to obey it.

Hope this will help you.

Regards

Ameet Sanklecha
e-mail :ameet.sanklecha@gmail.com

Advocate. Arunagiri (Expert) 12 August 2011
Cooperative housing societies are functioning based on the rules framed by the state government and RBI Rules.

Delayed payment will attract interest, penalty. The penalty may increase depending upon the delay period.

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