Term of license

A license shall be valid for a period of five years and may be renewed for a further period of five years subject to fulfilment of the conditions laid down under this Act or the rules made thereunder. Explanation.- Where a license has been granted in the middle of a year, for the purpose of computing the term of license, the remaining part of the year shall be deemed to be a year. In section 5 of the Principal Act, for the words "three years" occurring in two places, the words "five years" shall be substituted.