(1) A manager 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 for reasonable cause waive any additional fee imposed under subsection (2).
(4) If the increased licence 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 manager, a notice stating that the manager's international public mutual fund manager 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(5) Where a manager's international public mutual fund manager licence has been revoked, the Director shall publish a notice in the Gazette stating that the manager's international public mutual fund manager licence has been revoked.