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(1) A political party shall be registered in accordance with this Act and shall pay in respect of the registration such fees as the Electoral Commission shall by constitutional instrument determine.

(2) A fee paid under subsection (1) is not refundable.

(3) A political party shall upon registration under this Act be a body corporate with perpetual succession and a common seal, may sue and be sued in its corporate name, and shall have the power to acquire, hold, manage or dispose of movable or immovable property and enter into any contract or other transaction as any legal person.