7.—(1) Every application for the renewal of a licence may be made at any time during the one month immediately preceding its expiry.
(2) Every application for the renewal of a licence shall be made in such form as the Director may provide and shall be accompanied by the appropriate fee specified in the First Schedule.
(3) Upon receiving an application for the renewal of a licence, the Director may renew the licence subject to such terms and conditions as he may think fit to impose, or may refuse to renew the licence without assigning any reason.