Provided that the Commission may at its discretion reject an application made under this regulation. lapse and renewal of Licence. 77. (1) An application for renewal of a licence shall be made in accordance with the provisions of each licence. (2) In considering an application for renewal of a licence, the Commission shall have regard to the fulfilment by the licensee of the licence terms and conditions in the previous licence period. (3) An application for renewal of a public postal licence shall be made at least six months before the expiry of the licence. (4) A licensee may, during the prescribed period, apply for the renewal of his or her licence. (5) Where a licensee has complied with the Act, these Regulations and the licence, a licence shall continue to be valid until such time as a decision has been made regarding the application for the renewal. Operation of reserved postal services. 78.(1) The Commission may from time to time require a person licensed to provide reserved postal services to provide such services to areas which are not adequately served. (2) A licensee for the provision of reserved postal services may provide such services through a contract, agency or franchise without such agent or franchisee being required to hold a licence under the Act. (3) A licensee designated as a public postal licensee shall maintain separate books of account for reserved postal services and unreserved postal services and shall not crosssubsidise the prices for any service it offers in the market for unreserved postal services with revenue from the sale of reserved postal services. 58