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Town Councils (Penalties and Interest for Late Payment of Improvement Contributions) Rules 2005

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In these Rules, unless the context otherwise requires —“grace period”, in relation to any improvement contribution or instalment in arrears, means the period —(a)starting on the date the improvement contribution or the instalment (as the case may be) first falls in arrears; and(b)ending on the last day of the month in which that date falls;“HDB concessionary interest rate” means the interest rate of 0.1% point per annum above the rate of interest declared from time to time under section 6 of the Central Provident Fund Act (Cap. 36);“HDB market interest rate” means the interest rate (other than the HDB concessionary interest rate) applicable from time to time to mortgages granted by the Board before 1st January 2003 to its lessees to purchase a flat under Part IV of the Housing and Development Act (Cap. 129);“instalment” means such amount payable by a lessee or owner to a Town Council at such monthly intervals as are specified in an instalment plan;“instalment plan” means any agreement between a lessee or owner and a Town Council for the payment by the lessee or owner of his improvement contributions by instalments;“lessee or owner” means the person who is the owner of the flat at the time the improvement contribution is determined by the Town Council under section 24D(3) of the Act and includes an equitable owner, an administrator and executor of a deceased owner, a person who has purchased a leasehold interest in the flat and a purchaser under an agreement for a lease.

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