Consequences for failure to pay

(1) If a Fund member fails to pay an initial contribution, annual premium or late payment fee within six months from the date on which it was payable, the Corporation may suspend or cancel the membership of that Fund member, after consultation with all the Fund members. (2) A domestic bank or credit union shall not accept deposits if membership as a Fund member is suspended or cancelled. (3) Without prejudice to any other remedy, an amount due and payable by a Fund member under this Act is recoverable by the Corporation as a debt due and may be recovered summarily by the Corporation in civil proceedings. 20