90. The term of a licence shall be five years.
The Minister shall renew the licence only once for the same term in respect of all or part of the territory subject to it, provided the licensee
(1) has applied for the renewal of the licence before its date of expiry;
(2) has paid the annual fee prescribed by regulation;
(3) has complied with this Act and the regulations throughout the previous term of his licence and, particularly, has performed and reported the work required under section 94;
(4) has met any other renewal requirement prescribed by regulation.