Download Annual contribution policy

!
Homeowners Membership Annual Contribution
Late Payment/ Policies and procedures
•
The Association's governing documents stipulate the fiscal Year End is Dec.
31. and that the Board of Directors will decide each year, no later than
November 30th, the amount of the yearly homeowner membership
contribution.
•
The annual contribution must be paid by March 30th of each year.
•
Reminder of the said contribution (electronic or paper) is sent to
homeowner members by March 1st.
•
Overdue Membership dues are subject to late payment fees. The following
amounts are due by each member to the Association as additional dues to
the annual contributions as well as special dues determined from time to
time by the Board of Directors. Late payment dues are equal to the interest
calculated monthly, payable monthly and compounded monthly, from the
due date of any unpaid amount at an annual rate equal at all times to the
RBC Prime Rate plus 10%.
For the purposes hereof, RBC Prime Rate means the annual interest rate
announced from time to time by the Royal Bank of Canada as its prime rate
then applicable in the determination of interest rates applicable to
commercial loans made in Canadian Dollars in Canada.
•
Amounts equal to any costs incurred by the Association by reason of the members
failure to pay any dues by the prescribed due date, such as bank charges resulting
from NSF cheques or stop payment orders, court cost, bailiff costs, land register
search costs, travel expenses, etc. will be applied towards the outstanding debt.
•
Membership dues not paid by the member before the Associations Fiscal Year
End will be considered delinquent and all amounts due will be forwarded to a
collection agency or placed into the Courts for processing.