(1) The grant of Licence for Fishing Vessels shall be in Form II. It shall be valid For a period of one year.
(2) No Licence shall be granted or renewed in respect of any Mechanised Fishing Vessel, unless it is duly insured against all marine risks and the life of every member of the crew of such vessel.
(3) The Authorised Officer shall enter the particulars of the licence granted or renewed in a Register in Form III.
(4) Where the application for the grant or renewal of licence is refused, the authorized Officer shall record in writing the reasons for such refusal to grant or renew licence and shall communicate such order to the applicant.
The fee paid for grant or renewal of licence shall be refunded to the applicant where such order becomes final.