A special licence is to specify the water allocation applicable to it and –

(a) the licence is to be used for the purposes referred to in section 115 ; and

(b) the licence is for a specified term not exceeding 99 years; and

(c) except in accordance with section 116(3) , the licence may not be varied and the water allocation of the licence may not be reduced; and

(d) the licence may not be suspended or cancelled except in accordance with section 117 ; and

(e) an application for renewal of the licence may be made at any time within 10 years before the expiry of that licence.