Penalty

(1) Any amount due to the Chief Executive Officer shall be paid within a period of thirty (30) days from the day on which the amount becomes due. Where any person fails to pay the amount due, a surcharge of five percent (5%) of the amount due shall be added onto the amount at an interval of thirty (30) days or part thereof for a maximum period of ninety (90) days. (2) Where the amount due together with the surcharge, if any, is not paid within ninety (90) days, the Chief Executive Officer shall have the right to forfeit the aircraft or other asset belonging to the owners of the aircraft and to sell it or otherwise dispose of same to recover the amount due.