Section 10Part 2 — Registration
Private fund to pay annual registration fee
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A p rivate fund shall pay to the general revenue of the Islands the prescribed annual registration fee on or before 15th January in each year.
If the annual registration fee referred to in subsection (1) is not paid on or before 15th January in each year , there is payable an additional fee equal to one twelfth of that annual registration fee for each month or part of a month during which the annual registration fee and any additional fee imposed by virtue of this subsection remains unpaid.
The Authorit y may, for good cause, waive any additional fee imposed by virtue of subsection ( 2 ).
Without prejudice to subsection (1) , (2) or ( 3 ), if an annual registration fee referred to in subsection (1) is not paid on or before 15th January in each year, the un paid annual registration 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.