(1) Subject to sections 19 and 20, a licence issued under this Act—
(a) shall be valid for one year from the date on which it is issued;
(b) may be renewable for further periods of one year upon the prescribed application being made and payment of the prescribed annual fee if, the applicant continued to meet the requirement in section 6 and has at all times conducted itself in a manner which is satisfactory to the Minister and not detrimental to the public interest.
(2) A licensee shall submit annually to the Director or at such other time as the Director may require, a Certificate of Compliance confirming that the information set out in the application for its licence as modified by any subsequent notification of change in accordance with section 9 remains correct and gives an accurate summary of the business of its licensee.