2.—(1) The fee payable for the grant or renewal of a licence under section 111M or 111S of the Act shall be the amount determined in accordance with the following formula:
A x B x $12
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 stated in the licence.
(2) An application to the Authority for the renewal of such a licence shall be made in writing in such form as the Authority may require no later than 6 months before the expiry of the licence.