(1) The Commission shall within twelve months after the receipt of the application, grant a license to the applicant if it is satisfied that the applicant has:

(a) satisfied the conditions required for a license, and

(b) paid the license fee.

(2) The license fee is two percent of the minimum stated capital of the company

(3) Despite subsection (2) the board may require the applicant to pay the cost of any investigation that is necessary for the grant of the license.

(4) Where the Board refuses to grant a license to the applicant, the Board shall inform the applicant in writing of its decision and the reasons for the decision within seven days after making that decision,

(5) An applicant who is refused a license by the Board may petition the Minister for redress and it the applicant is not satisfied with the decision of the Minister, the applicant may seek redress in court.