Annual Subscription shall be payable in advance on 1st January of each year. A person who is admitted, elected or transferred to membership of the Institution between 1st July and 30th September in any year shall pay only half the annual subscription.
The first annual subscriptions of Fellows, Members, Affiliates, Graduates or Students admitted, elected or transferred between the 1st October and the 31 December in any year, or the increase thereof in the case of transfer during this period, shall be in respect of the year commencing on the first day of January next ensuing.
Every Fellow, Member, Affiliate, Graduate or Student shall be liable for the payment of his annual subscription until he has signified to the Honorary Secretary in writing his desire to resign, having previously paid all arrears, including the subscription for the year current at the date of his notice, or until he has forfeited his right to remain in, or be attached to the Institution.
Every Fellow, Member, Affiliate, Graduate or Student on admission, election or transfer as the case may be shall pay the full subscription for the current year in his new grade, except as may be provided for in the Bylaws Section 4.4. Any subscription already paid for that year shall be taken as part payment of the new grade subscription dues.
Every Fellow, Member or Affiliate who has reached the age of sixty-five years on 1st January and who has paid his annual subscription for a period of not less than twenty-five years preceding shall be exempted from payment of further subscription, provided that he is no longer in gainful employment.