(1) The Comptroller may, on application in the prescribed manner and on payment of the prescribed fee grant to any person who is—
(a) the holder of, or an applicant for, a duty-free shop operator's licence; or
(b) the holder of, or an applicant for, a duty-free shop operator's agency permit,
a licence (hereinafter referred to as a duty-free shop licence) in relation to the approved premises specified in the application, authorising the use of such premises or any area in such premises as a licensed duty-free shop where approved goods or consumables may be sold under the duty-free shopping system.
(2) Any licence granted under this section may be granted subject to such terms and conditions as may be prescribed or as the Comptroller may in any case stipulate.
(3) Any licence granted under this section shall unless previously cancelled under this Act, continue in force from the date of issue until the next succeeding 31 December, and may be renewed from year to year.