Section 12Part 0 —
Annual fee
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The owner of a patent recorded in the Registry shall, by his duly authorised registered agent, in January of each year, after the year of the initial recording, pay to the revenues of the Islands the annual fee specified in the Schedule.
A default in the payment of the annual fee specified in the Schedule by 31st March causes the rights protected by the recorded entry to be in abeyance as against the person in default from the relevant 1st April until the annual fee and penalty fee specified in the Schedule have been paid.