178. The Minister may exempt a licensee from all or part of the required work he did not perform within the prescribed time, provided
(1) he informs the Minister in writing, before the end of the year for which the work was required, of the reasons why he did not perform the work;
(2) he pays an amount equal to the minimum cost of the work he was required to perform or, where such is the case, an amount equal to the difference between the minimum cost and that of the work performed and reported.
The Minister may also authorize the licensee to perform all or part of the required work the following year, in addition to the work required for that year, provided he informs the Minister in writing of the reasons he was unable to perform the work and furnishes security covering the cost of the work remaining to be performed for the two years. The security shall be returned to the licensee on the Minister’s acceptance of the report pertaining to the work.