12. Periodic fee for licence and licence validity

Every licence granted under this Part is valid for the period specified in the licence and is in force unless the licence is earlier suspended or revoked under section 29.

For every period prescribed (which must not exceed the validity of a licence), the licensee granted that licence must pay to the LTA, not later than the date prescribed, a periodic fee prescribed for that licence.

If a licensee fails to pay the periodic fee in accordance with subsection (2), the LTA may, by written notice, require the licensee to make good the default.

Every licence must be in the form the LTA determines.