sec.114

sec.114 Discounts for timely payment [ SM, s 164 ]

The body corporate may, by ordinary resolution, fix a discount to be given to owners of lots if a contribution, or an instalment of a contribution, is received by the body corporate by the date for payment fixed in notices of contribution given to the owners. The discount can not be more than 20% of the amount to be paid. Suppose that— a contribution of $100 is payable in 4 instalments of $25 and the body corporate has fixed a discount of 10% for payment by the date for payment in the notices of contribution given to the owners; and an account requiring payment of an instalment of $25 by 31 March is given to an owner of a lot; and the instalment is paid on 25 March. In this case, the owner is entitled to a discount of $2.50 on the instalment. (sec.114-ssec.1) The body corporate may, by ordinary resolution, fix a discount to be given to owners of lots if a contribution, or an instalment of a contribution, is received by the body corporate by the date for payment fixed in notices of contribution given to the owners. (sec.114-ssec.2) The discount can not be more than 20% of the amount to be paid. Suppose that— a contribution of $100 is payable in 4 instalments of $25 and the body corporate has fixed a discount of 10% for payment by the date for payment in the notices of contribution given to the owners; and an account requiring payment of an instalment of $25 by 31 March is given to an owner of a lot; and the instalment is paid on 25 March. In this case, the owner is entitled to a discount of $2.50 on the instalment.

• 1 a contribution of $100 is payable in 4 instalments of $25 and the body corporate has fixed a discount of 10% for payment by the date for payment in the notices of contribution given to the owners; and
• 2 an account requiring payment of an instalment of $25 by 31 March is given to an owner of a lot; and
• 3 the instalment is paid on 25 March.