Before granting a licence, the pr,scribed authority shall ~atisfy itself.-
(a) that the warehouse is suitable for proper storage of the class or classes of goods m respect of wh1ch the licence has been applied for;
(b) that the apphcant is competent to conduct such a warehouse;
(c> that the appli.~ant has paid the fee prescribed for the licence and has also furnished the prescnbed security, if any, provided that where the applicant is a corporatiOn established under the Agricultural Produce (Development and Ware housmg) Corporations Act, 1956 i.28 of 1956), no security need be furmshed; and
(d) that there is no other cause or reason for which the· applicant 1s, in the opinion of the prescribed authority, dis qualified.
6. Term and renewal of licence. Every hcence granter! under section 4 shall be valld for the prescribed penod, and may, on apphcatwn and payment of the prescnbed fee, be renewed from time w time by the prescribed authonty and for the prescribed penod, provided the other conditions referred to m section 5 continue to be fulfilled.