134. The term of a licence is two years.
The Minister shall renew the licence for the same term, provided the licensee
(1) applies for the renewal of the licence before its date of expiry;
(2) pays the fee prescribed by regulation;
(3) has complied with this Act and the regulations throughout the previous term of the licence and, particularly, has performed and reported the work required under section 137;
(4) he has, after the fourth renewal, shown to the Minister’s satisfaction that the extension is necessary to allow the technico-economic studies or testing already in progress, as defined by regulation, to be continued;
(5) has met any other renewal requirement prescribed by regulation.