Fee for grant or renewal of licence
2.  The fee payable for the grant of a licence under section 111M(4) of the Act or the renewal of a licence under section 111S(2) of the Act shall be determined in accordance with the following formula:
where A
is the number of years of the licence (a part of a year being treated as one year); and
B
is the number of bus interchanges or bus depots, as the case may be, which are the subject of the licence.