(1) On first issuance, a permit is valid for a period of 3 years.
(2) The Minister shall renew for 5 years, and subsequently for the same period, a permit held by a person who—
(a) applies in writing to the Minister within the time limit prescribed by regulation and furnishes, within that time limit, the information and documents prescribed by such regulation;
(b) meets the conditions set out in section 98; and
(c) has complied with the provisions of this Act and its regulations for the period of validity preceding the renewal.
(3) Despite subsections (1) and (2), the Minister may issue or renew a permit for a different period or without a date of expiry where the Minister on the approval of Cabinet deems it expedient.