(1) Every licensed financial institution and licensed financial holding company shall pay an annual licence fee as specified in Schedule 1.
(2) All licence fees paid under this Act shall be payable to the Central Bank not later than the 31st day of January in each year or such later date as may be specified by the Central Bank, except that where a licence is issued, or a branch is opened for the first time, after the first quarter in any year, the fee payable shall be calculated on a pro rata basis.
(3) Where a licensed financial institution or a licensed financial holding company fails to pay the annual licence fees under subsection (1), the licensed financial institution or licensed financial holding company is liable to a penalty of $10,000 and a further penalty of $1,000 for each day of default.