4.
| (1) Where an installment of the surcharge payable by default and sums any company for the relevant year, or a part of such installment is not paid on or before the date, specified in section 3 for the payment of that installment, such installment of the surcharge or part thereof, shall be deemed to be in default and such company shall be deemed to be a defaulter for the purposes of this Act. |
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| (2) Where any installment of the surcharge or any part thereof is in default, the defaulter shall, in addition to such installment or part thereof in default, pay as a penalty-
| | (a)a sum equal to ten per centum of the amount in default; and | | |
| | (b)where the amount in default is not paid before the expiry of thirty days alter it has begun to be in default, a further sum equal to two per centum of the amount in default, in respect of each further period of thirty days or part of such period during which it is in default: | | |
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Sri Lanka Consolidated Acts