Section 69 of the Principal Act is amended as follows:

(a) by omitting from subsection (1) "licence fee of $5 000." and substituting "relevant fee, if any." ;

(b) by inserting the following subsection after subsection (1) :

(1AA)  The relevant fee is –

(a) for applications made, after this subsection commences, in the calendar year in which this subsection commences – $4 000; or

(b) for applications made in the first calendar year after the calendar year in which this subsection commences – $3 000; or

(c) for applications made in the second calendar year after the calendar year in which this subsection commences – $2 000; or

(d) for applications made in the third calendar year after the calendar year in which this subsection commences – $1 000.

(c) by inserting in subsection (3) "sole" after "be the" .