(1) The Commissioner may charge such fees as he thinks fit to impose for the grant of a licence to any person to open a private market and may grant such licence subject to such conditions, consistent with this Act and any bye-laws made thereunder, as he thinks fit to impose.
     (2) When the Commissioner refuses to grant any licence, he shall record a brief statement of the reasons for such refusal.
     (3) The Commissioner may, with the previous approval of the Standing Committee and for reasons to be recorded, suspend a licence in respect of a private market for such period as he thinks fit or cancel such licence.
     (4) A private market of which the licence has been suspended or cancelled as aforesaid shall be closed with effect from such date as may be specified in the order of suspension or cancellation.