(1) An administrator shall, on or before the 15th day of January in each year, pay the prescribed annual licence fee.
(2) If an 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 50% 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 under subsection (2).
(4) If the annual fee plus the additional fee due under subsection (2) has not been paid, the Director shall within one month immediately following the date specified in that subsection publish in the Gazette and serve on the administrator a notice stating that the administrator's international public mutual fund administrator licence shall be revoked on the expiry of 3 months from the date of the notice if the licence fee is not paid.
(5) Where an administrator's international public mutual fund administrator licence has been revoked, the Director shall publish a notice in the Gazette stating that the administrator's international public mutual fund administrator licence has been revoked.