Annual fees

(1) Where, (a) a public fund is granted registration; (b) a private or professional fund is granted recognition; or (c) a person is granted a licence, there shall be payable for the year in which such registration, recognition or licence is granted the fees set out in paragraph (A) of Part III of the Second Schedule, or such other amounts as may be prescribed by regulations. (2) On or before the 31st day of January of each year following the year in which registration, recognition or a licence is granted, there shall be payable the annual fees set out in paragraph (B) of Part III of the Second Schedule or such other amounts as may be prescribed by regulations. (3) Any unpaid annual fee or part thereof may be sued for by the Registrar by action as a civil debt and the Registrar may require, and the court may order, the payment of a penalty in an amount equal to the amount of the fee or part thereof for late payment of the fee.