(1) The chief executive may renew or refuse to renew a licence.
(2) The chief executive may renew a licence only if the chief executive is satisfied that—
(a) the licensee is eligible to hold the licence; and
(b) the licensee is a suitable person to hold a licence; and
(c) if the licensee is a corporation—each executive officer of the corporation is a suitable person to hold a licence; and
(d) if the licensee carries on business in partnership or with others—each member of the partnership, or each person with whom the licensee carries on business, is a suitable person to hold a licence.
(3) If the chief executive decides to refuse the application, the chief executive must give the applicant written notice of the decision within 14 days after the day the decision is made.