Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-6B-29
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-6B-29
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) Subject to the requirements of this section, a proprietary lease or the bylaws of a cooperative housing corporation may provide for a late charge of no more than $15 or one-tenth of the total amount of any delinquent assessment or installment owed by a member, whichever is greater.
(b) A late charge may not be imposed more than once for the same delinquent assessment or installment.
(c) A late charge may only be imposed if the delinquency has continued for a period of 10 days or more.