(1) An eligible company to which a licence is first granted shall, at the date of such grant, pay the prescribed fee.
(2) A licensee shall, on or before 15 January after the first grant of the licence, pay the prescribed annual fee.
(3) Unless the Minister waives the fee payable under subsection (1) or (2), there shall be payable by a licensee who fails to pay the fee by the relevant date, a surcharge not exceeding 1/12 of that fee for every month or part of a month that the fee is not paid.