Final answer:
The question pertains to the validity and renewal process of a private business letter of authority, which is typically valid for one year and requires a board approved renewal application along with a fee.
Step-by-step explanation:
The question relates to the formalities surrounding a private business letter of authority. Such a letter of authority is typically an official document that grants certain powers or rights to individuals or organizations. In the context provided, it specifies that the letter of authority should be valid for a certain period, generally one year, and must be renewed with an application approved by the governing board along with a renewal fee. This is similar to many regulatory requirements for businesses where licenses or permits are issued for a fixed term and require renewal.