3.—(1) The owner, tenant or licensee of any residential property or commercial property in respect of which there are arrears of any charge or fee payable by the owner, tenant or licensee (as the case may be) to the Town Council must pay the Town Council a penalty calculated at the following rates:| (a) | for residential property — 2% per month on the amount of the arrears; | | (b) | for commercial property — 5% per month on the amount of the arrears, or a minimum sum of $30. |
| (2) A penalty determined in accordance with paragraph (1) is due and payable on the day following the expiry of the month in which the charge or fee is due and payable and will accumulate until payment is made by the owner, tenant or licensee, as the case may be. |
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