(a) Each franchisee shall quarterly pay to the Virgin Islands Bureau of Internal Revenue a franchise fee equal to five percent (5%) of the franchisee's gross subscriber receipts for that quarter.
(b) Any franchise fees under subsection (a) of this section not paid within fifteen (15) days of the end of the applicable quarter shall be charged a penalty equal to five percent (5%) of the amount of franchise fee in arrears for each week or part thereof that the fee remains unpaid.
(c) The first quarterly payment under subsection (a) must be made by April 1, 1985, and becomes delinquent on April 15, 1985. Subsequent quarterly payments must be made every three (3) months thereafter.