Section - 5 - Fees for Membership

    (1) Subject to the provisions of section 14 of this Act, a person who is eligible for membership of the Institute shall be enrolled as a member upon the payment to the Council of an entrance fee and an annual subscription the amounts of which shall be prescribed by the Council from time to time.

    (2) Fees shall be paid to the secretary of the Council.

    (3) All annual subscriptions payable under this section shall be due and payable on the first day of January in each year or, in the case of members admitted after that date, on the date of admission.