RBSC Announcement No.023/2021-2022 Interest Rate for Reinstatement
Members are herewith informed that with effective from 25th February 2022, Members or persons with privileges whose memberships were cancelled in accordance with the Club’s Article of Association No. 25 (due to non-payment of arrears) will be charged an interest rate of 15% per year (according to the Civil and Commercial Code Article 654) for their back due monthly subscription and outstanding from other expenses upon reinstatement of membership.
In case that members or persons with privileges who did not clear their outstanding debt within 5 years, they shall reapply for membership and pay the prevailing entrance fee rates, but they will be exempted from the waiting list requirement.
By Resolution of the General Committee
Announced on 15th February 2022