(1) Every licensee shall pay yearly to the Commissioner in respect of every public service vehicle licence held by him a yearly fee (in this Part of this Act referred to as a licence fee) of such amount as shall from time to time be fixed by regulations made by the Minister with the consent of the Minister for Finance.
(2) Every licence fee (other than the first such fee payable in respect of any particular public service vehicle licence) shall be paid on or before the first day of the year in respect of which such fee is payable, and for that purpose the year shall be deemed to commence on the anniversary of the grant of the public service vehicle licence in respect of which such fee is payable.
(3) If any licensee fails or refuses to pay in respect of any public service vehicle licence a licence fee (other than the first such fee payable in respect of such licence) within the time appointed by this section for the payment thereof, such licence shall thereupon become and be revok