Interest payable on conservancy and service charges in arrears
2.  Any conservancy and service charges payable by any tenant or owner to the Town Council shall, if not paid within the month when such charges become due and payable, bear interest at the rate of 8% per annum to be compounded monthly and such interest shall accrue from the expiry of the seventh month after the date when the charges become due and payable up to the date of their actual payment.