(1) Every application for Grant of License under section 4 shall be in such form and manner as may be prescribed and shall be accompanied by fee of rupees Two Thousand and Bank Guarantee of rupees Five Lakh only.
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(2) Controlling Authority may make such inquiry in respect of the application received under sub-section (1) and for making such inquiry, the Controlling Authority shall follow such procedure as may be prescribed.
(3) A License shall be issued on such terms and on such conditions as may be prescribed.
(4) A License issued under this section shall remain valid for a period of one year and may be renewed from time to time on payment of such fees and on such condition as may be prescribed.
Cancellation and Suspension of License.