(1) The prescribed annual fee shall be paid on or before the 15th day of January in each year following first licensing or registration in respect of each international public mutual fund licence and in respect of each international private mutual fund.
(2) If the annual fee referred to in subsection (1) is not paid on or before the 15th day of January in each year, there is payable an additional fee equal to 25% of the annual fee for each month during which the annual fee and any additional fee imposed by virtue of this subsection remains unpaid.
(3) The Minister may in writing for reasonable cause waive any additional fee imposed by virtue of subsection (2).
(4) If the annual fee plus the additional fee due under subsection (2) has not been paid—
(a) the Minister may revoke the international public fund licence after 3 months immediately following the date the annual fee was due; or
(b) the Director may cancel registration of the international private mutual fund;
and shall cause a notice to be published in the Gazette to that effect and may cause such notice to be published, whether within Saint Lucia or in another jurisdiction, in such news paper or other publication as may be considered necessary in the circumstances.