Can a proposed co op housing society charge interest

Sir,

Regarding a proposed co-operative housing society whose application for society registration is pending for approval and not formed yet.

Few members have come together and decided to maintain the common premises and charge Monthly Maintenance to the flat owners, as the builder is not maintaining the building even after payment of one time maintenance at the time of booking by all the flat owners.  This is being done since last 2 years.

1.   Whether such proposed co-operative housing society is allowed to charge interest on the delayed maintenance amount due.

 2.    If yes then what procedure should be followed for its approval. 

 3. What should be the percentage of interest? 

 4.   Whether it should be simple interest or compounding interest? 

Regards

Anand