Duty to pay contribution and premium

(1) A member of the Fund shall pay into the Fund– (a) an initial contribution within 6 months of the date on which it becomes a member under section 12; and (b) an annual premium in respect of each year of membership in the Fund, commencing 12 months from the date on which it becomes a member under section 12. (2) The annual premium shall be– (a) a percentage of the average of the insurable deposits held by a Fund member at the beginning and end of the preceding 12 months; and (b) paid in two equal installments on or before the 31 January and the 31 July each year, in the manner directed by the Corporation. (3) The initial contribution and annual premium for each Fund member shall be calculated in the manner set out in Schedule II. Schedule II.