(1)  An application under section 46 shall be accompanied by –

(a) a fee of $3 000; and

(b) a deposit –

(i) if the application is made under section 46 (1) or (4) and the applicant has specified an amount that he would be prepared to pay in respect of the grant of a licence to him on the application – of 10 per cent of that amount; or

(ii) if the application is made under section 46 (1) and the Minister has, in the instrument by which applications were invited, stated an amount that the applicant will be required to pay in respect of the grant of a licence – of 10 per cent of that amount.

(2)  Where a licence is not granted on the application –

(a) an amount equal to nine-tenths of the fee paid in accordance with subsection (1) ; and

(b) subject to subsection (3) , the amount of the deposit –

shall be refunded to the applicant.

(3)  Where an applicant on whom there has been served an instrument under section 48 (1) or (3) does not request the Minister, under section 48 (6) , to grant to him the licence referred to in the instrument, the deposit shall not, unless the Minister otherwise determines, be refunded to the applicant.