Clause 6

Every licensee shall pay such licence fee as the Authority may, by notification in the Gazette, prescribe.(2) The Authority may prescribe different licence fees in respect of different classes or categories of licensees.(3) The licence fees shall be paid in such manner as may be specified by the Authority.Period for which licence is in force9.—

A licence shall be in force for such period as the Authority may determine and may be renewed at the discretion of the Authority upon its expiry.(2) A licence which has been renewed by the Authority shall continue to be in force for such period as the Authority may determine.(3) There shall be no refund of any licence fee paid to the Authority in the event that a licence is cancelled or revoked or when the licensee ceases to carry on business at any time prior to the expiry of the licence.False statements9A. A person who, in connection with an application for a licence or for the renewal of a licence, wilfully makes a statement which is false or misleading in a material particular, knowing it to be false or misleading, or wilfully omits to state any matter or thing without which the application is misleading in a material respect, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.”.