Section 49. The director of the division of forests and parks shall promulgate rules and regulations hereunder, and shall issue licenses to persons to engage in the practice of forestry in accordance with such rules and regulations. Said director may revoke or suspend such license, if after hearing, he determines that any licensed forester has engaged in fraud, negligence, incompetence or misconduct in the practice of forestry. Licenses issued by said director shall expire annually on the anniversary date of the license granted for said forester. The fee for the issuance of such license shall be determined annually by the secretary of administration under the provisions of section three B of chapter seven, and such fees shall defray the entire cost of the administration of sections forty-seven to fifty, inclusive.