Duration of licence

(1) A licence granted under this Act remains valid until revoked pursuant to this Act, but it is a condition of every licence that an annual fee be paid not later than the second day of January of each succeeding year by every class of licensee as prescribed by the Central Bank from time to time. (2) Every licensee who defaults in paying the prescribed annual licence fee in respect of a licence granted under this Act by the due date and who continues to transact offshore banking business shall be liable to pay, upon being called upon by the Central Bank to do so, an amount equal to three times the amount of the unpaid fee.