Duration of a loan licence.

An original loan licence in Form 32-A or a renewed loan licence in Form 33-A, unless sooner suspended or cancelled, shall be valid for a period of five years on and from the date on which it is granted or renewed: Provided that if the application for the renewal of a licence is made before its expiry, or if the application is made within six months of its expiry, after payment of the additional fee, the licence shall continue to be in force until orders are passed on the application. The licence shall be deemed to have expired if the application for its renewal is not made within six months of its expiry.