Section 9Part 2 — Regulated Mutual FundsAmended
Regulated mutual fund to pay annual fee
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Amended by LG9/S2
A regulated mutual fund shall pay to the Financial Secretary for the benefit of the revenue the prescribed annual fee on or before the 15th January in each year.
A regulated mutual fund that is complying with section 5
shall pay to the Financial Secretary for the benefit of the revenue the prescribe d annual registration fee on or before the 15th January in each year. ( 3 ) If an annual fee referred to in subsections (1) and (2) is not paid on or before the 15th January in each year there is payable an additional fee equal to one twelfth of that annual fee for each month or part of a month during which the annual fee and any additional fee imposed by virtue of this subsection remains unpaid.
The Authority may, for good cause, waive any additional fee imposed by virtue of subsection (3).
Without p rejudice to subsections (1) to (4), if an annual fee referred to in subsection (1) or (2) is not paid on or before the 15th January in each year, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee.
In subsection (5) — “ court ” means the Grand Court or a court of summary jurisdiction, as the case may be.