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(1) The fee payable for the grant of a licence shall be as prescribed.

(2) Every licensee shall pay the fee prescribed within twenty-one days from the date of grant of the licence.

(3) A licence issued or renewed shall be valid for a period not exceeding three years from the date of issue or expiry of such licence.

(4) Every licence granted shall be in Form ACO-2 and shall be valid unless revoked under section 10 of the Act.