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HARSH SHARMA (SERVICE)     08 May 2016

Late payment penalty in co-op society

I am staying in a Co-Op society in Navi Mumbai.
Question -  Can the society frame laws / byelaws in violation of the model byelaws ? 
The Society has decided to charge a late payment charge of 10% per month of the monthly maintainence amount. The model byelaws state that this amount shall NOT be more than 21% per annum



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