1. The application for obtaining or renewing a License shall be submitted to the Licensing Authority in accordance with the forms and procedures approved thereby, accompanied by all required data and documents. 2. The Licensing Authority shall decide on the application and notify the applicant of the outcome within (60) sixty days from the date of submitting a complete application accompanied by all data and documents. 3. The lapse of the period mentioned in Clause (2) of this Article without a decision on the application and without notifying the applicant of the outcome shall be deemed a rejection of the application. 4. The License shall be valid for (1) one year from its date of issuance, and may be renewed for similar periods in accordance with the procedures and controls in effect at the time of renewal, provided that the Licensee continues to fulfill their obligations in accordance with the provisions of this Decree by Law, its Executive Regulations, and the resolutions issued in implementation thereof.
Interpretation and application must be checked against the official text and current version.