Failure of a person to renew his license on or before March first in the odd numbered years shall constitute a forfeiture of the license held by such person. However, such license may be renewed at the discretion of the Board of Medical and Osteopathic Examiners upon the payment of the fee provided in § 36-4-19 for the issuance of licenses by reciprocity and upon making the application provided in § 36-4-19.1 required for reciprocity.
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