Section 43
Payment of premium and late payment fees
(1)
Where a member institution is given notice in writing to pay a premium under this Act for any assessment year or part thereof, the member institution shall pay to the Corporation —
(a)
in the case of the premium, on or before the date of payment specified in the regulations;
(b)
in the case of the additional premium, on or before the date of payment specified in the notice, the amount of premium or additional premium, as the case may be, that the member institution is required to pay for that assessment year or part thereof.
(2)
Subject to subsection (3), if a member institution fails to pay the premium or additional premium or any part thereof in contravention of subsection (1) —
(a)
the Corporation may, by notice in writing, impose on the member institution such late payment fee as the Corporation may by regulations determine; and
(b)
the member institution shall pay to the Corporation the late payment fee together with the unpaid premium or additional premium, as the case may be, on or before the date of payment specified in the notice.
(3)
The late payment fee referred to in subsection (2) shall not exceed the amount of premium or additional premium, as the case may be, owing by the member institution.
Deposit Protection
B.L.R.O. 7/2023 33
(4)
The amount of premium or additional premium owing by the member institution or the late payment fee shall be paid in such manner as may be specified in the regulations.
(5)
Without prejudice to any other remedy, any premium, additional premium or late payment fee payable under this Act shall be recoverable as a debt due to the Corporation by the member institution.
(6)
Where the Corporation has commenced any legal proceedings in a court to recover a premium, additional premium or a late payment fee from a member institution, the Corporation shall be entitled to claim costs on a full indemnity basis from that member institution.