Section 32 in The Delhi Co-operative Societies Rules, 2007
32. Default in payment by a member, the Equalization charges from a new member and payment of interest to the outgoing member.
(1)In case of default in payment of demand in a co-operative housing society by the members, the maximum rate of interest charges shall be as under:(a)for default of payment of installment upto six months @ 9 percent per annum;(b)for default of payment of installment upto one year @ 9.5 percent per annum; and(c)for default of payment of installment for more than one year @ 10 percent per annum.(2)Equalization charges to be charged from the member enrolled at the advance stage of construction @ 12 percent per annum on the amount of payments raised by the co-operative housing society from each member of same category for land money and construction purposes.(3)interest to be paid by a housing co-operative society to a resignee / expelled member shall be @ 6 percent per annum on deposits out of interest so calculated and co-operative society shall charge not more than 2.5 percent as administrative expenditure:Provided that interest on default / equalisation charges/refund of deposit shall be charged by such co-operative society at the simple rate of interest.(4)The Registrar, may review the above rates periodically.
