(1) The Board may approve an application for renewal of a licence, if a licensee satisfies the prescribed requirements under section 55(2).
(2) Where the Board approves an application under subsection (1), the Board shall give written notice, within 7 business days, to the licensee of its approval.
(3) The Board shall issue a new licence to the licensee on payment of the prescribed non-refundable application for renewal of a licence fee.
(4) Sections 48, 49, 50, 51, 56, 57, 58, 59, 62 with respect to the issue, conditions, validity, non-transfer, suspension, surrender, reinstatement and revocation of a licence applies to a licence issued under this section.