(l) Where the licensing officer is satisfied in accordance with the procedure laid down in the proviso to sub-section (2) of Section 8, that any person who has applied for or who has been issued a licence, should furnish security for the due performance of the conditions of the licence, he shall prepare an estimate of the amount needed to provide for recruitment or employment of migrant workmen on the basis of the factors specified in sub-section
(3) of the said section and after considering the solvency of such person, determine the amount of the security to be furnished by such person, which shall not exceed forty per cent of the amount es-timated by him.
(2) Where the applicant for the licence was holding a licence in regard to another work and that licence had expired, the licensing officer, if he is of the view that any amount out of the security, if any, deposited in respect of that licence is to be refunded to the applicant under Rule 17, he may on an application made for that purpose in Form VII by the applicant adjust the amount so to be refunded towards the security, required to be deposited in respect of the application for the new licence and the ap-plicant needs deposit, in such a case, only the balance amount, if any, after making such adjustment.