If an application for renewal of a permit issued for the operation or maintenance of a pharmacy in this state is not made before the first day of June of the fiscal year for which the permit was issued, the existing permit, or renewal permit, lapses and becomes null and void upon the thirtieth day of that month. A new or further renewal of a permit may be granted only: 1. Upon evidence satisfactory to the board of good and sufficient reason or excuse for failure to file an application within the time prescribed. 2. Upon payment of the regular renewal fee and an additional fee to be set by the board not to exceed two hundred dollars.
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