154Late payment penalty

154  Late payment penalty  (1) If any funding contribution payable by a participating institution or funder of last resort remains unpaid at the start of a calendar month after the funding contribution became due for payment, the institution or funder of last resort is liable to pay, for that calendar month, a penalty worked out using the following formula:   (2) Late payment penalty for a calendar month is due and payable at the end of the calendar month.  (3) However, the Operator may, by written notice given to the participating institution or funder of last resort before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.