(1) A licence under section 5 shall not be refused except on any of the following grounds, namely:—• Grounds on which licence may be refused.
(o) that the applicant or any person responsible or to be made responsible for the management of his business as a money-lender is disqualified for holding such licence:
(b) that the applicant has not complied with the provisions of this Regulation or any rules made thereunder in respect of an application for the grant of a licence;
(c) that the applicant has made wilful default in complying with, or has knowingly acted in contravention of any requirements of, this Regulation;
(d) that the applicant or any person responsible or to be made responsible for the management of his business of money-lending has knowingly participated in, or connived at, any fraud or other act of dishonesty in the conduct of the business of money-lending, or any matter connected therewith.
(2) Where the Registrar refuses a licence under this section, he shall record his reasons for such refusal-
(3) An appeal shall lie from the order of the Registrar refusing a licence under sub-section (1) to the Registrar General whose decision thereon shall be final.
8. Every licence granted under section 5 shall, unless it is cancelled or suspended under the provisions of this Regulation, be valid from the date on which it was granted up to the 31st day of December next following.
Duration of licence.