Each owner of a brand of record shall pay to the director a fee of twenty dollars on March first of each fifth year after registration. The director shall give a receipt for all such payments made and if any owner of a brand of record shall fail, refuse, or neglect to pay such fee by July first of each year in which it is due, the brand shall become forfeited and no longer be carried in the record. Any such forfeited brand shall not be issued to any other person within a period of less than five years following date of forfeiture.
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