(1) There shall be raised, levied and collected for the purposes of this Act, a cess on the poundage of bananas received and paid for by the local authority.
(2) Subject to the provisions of subsection (4), the cess shall be 1/8 of $0.01 for every pound of bananas so received and paid for by the local authority.
(3) Such cess shall become due and payable as from 1 July 1959, and upon the coming into operation of this Act all arrears of cess shall be collected by the local authority and paid over to the Authority.
(4) The Authority may, by regulations, vary the amount of the cess.