: (1) A bank or financial institution that applies to obtain a certificate as a secured member organization of the fund in accordance with sub-section (1) of section 15 shall pay a lump sum amount of 0.5% of the proposed paid-up capital for initial contribution as a secured member organization. It should be submitted to the fund at the time of receipt.
(2) The protected member organization that has paid the amount of initial contribution as per sub-section (1) is not required to pay the annual security fee for the current financial year.
(3) Notwithstanding anything written in sub-section (1), a newly formed bank or financial institution through merger, amalgamation or integration process in accordance with the prevailing laws relating to banks and financial institutions shall not have to pay any amount for the initial contribution.