(1) Except in cases of annulment pursuant to Section 7, the license issued pursuant to Section 4 shall remain valid for one fiscal year. The validity period of the license shall expire on the last day of that fiscal year irrespective of the date of issue of such license.
(2) Each construction entrepreneur whose license has expired pursuant to Sub-section (1) shall get such license renewed, as prescribed, by the
prescribed authority by paying the prescribed fees no later than three months of the date of expiration of such license.
(3) A construction entrepreneur who intends to get the license renewed within six months of expiration of the time limit as referred to in Sub-section
(2) may get the license renewed as prescribed by paying the prescribed fees.