11. Section 19 of the Principal Act is repealed and the following section substituted:
“19. (1) An initial fee in relation to an application for a licence shall be such an amount as is assessed by the Commissioner as being fair and reasonable in the circumstances.
“(2) The circumstances referred to in subsection (1) include the following:
(a) the wholesale value of the total stock of ‘X' videos—
(i) held by the applicant for the purpose of trading on the date of the application; and
(ii) estimated as likely to be acquired by the applicant in the month in which the licence is to be granted and the following month for the purpose of trading;
(b) the estimated value of that portion of the stock referred to in subparagraphs (a) (i) and (ii) in relation to which a franchise fee would become payable if the licence were to be renewed for the second and third month after the month in which it is granted;
(c) the gross income from trading ‘X' videos estimated as likely to be received by the applicant in the month in which the licence is to be granted and the following month;
(d) initial fees assessed in relation to other applications.
“(3) The Commissioner shall notify the applicant in writing of the assessment of an initial fee.”.