(1)  Before 30 September in each year, the Commission must make available for issue in each taxi area an additional number of owner-operator taxi licences equivalent to –

(a) 5% of the total number of perpetual taxi licences and owner-operator taxi licences in that area, rounded to the nearest whole number; or

(b) one owner-operator taxi licence –

whichever is the greater.

(2)  An owner-operator taxi licence made available under subsection (1) is to be offered for sale by tender.

(3)  The Commission must not accept a tender for an owner-operator taxi licence in a particular taxi area that is less than the reserve price for that taxi area.

(4)  If, in any taxi area –

(a) the average tender price for those licences sold in accordance with this section exceeds the reserve price for that licence by more than 100%; and

(b) all available licences for that taxi area are sold –

the Commission must make available a further number of owner-operator taxi licences, calculated in accordance with subsection (1) , for sale by further tender as soon as practicable.

(5)  If a licence made available under this section is not sold by tender, the Commission is to make that licence available for sale at the reserve price as soon as practicable after the conclusion of the tender.

(6)  If a licence made available for sale under subsection (5) is not sold before the date on which the Commission calls the following year's tender, the Commission is to withdraw that licence from sale.