(1) An application for a licence or for the renewal of a licence shall be made to the Commission in the prescribed form and shall be accompanied by the prescribed fee and, in the case of an application for renewal of a licence, shall be made not later than one month before the expiry of the licence.

(2) The Commission may require an applicant to supply it with such further information as it considers necessary in relation to the application.

(3) The Commission shall not refuse to grant or renew a licence without first giving the applicant or the holder of the licence an opportunity of being heard.

(4) Where the Commission rejects an application for a licence or the renewal of a licence, the prescribed fee shall be refundable to the applicant but the fee shall not be refundable on the withdrawal of an application.