(l)Every licence granted under section 4 or renewed under section G may be sus pended or cancelled by the prescribed authority.-
(i) if in its opinion.~he licensee--
(a) has applied to be adjudicated, or been adjudicated, a•1 insolvent; or
(b) has parted, in whole or in part, with his control over the warehouse; or
(c) has ceased to conduct such warehouse; or
(d) has made unreasonable charges for the services ren dered by him; or
(e) has in any other manner become incompetent to con duct such warehouse; or
(f) has contravened or failed to comply with, any of the terms and conditions of the licence or any of the provisiOns of this Act or the rule!>; or
(ii) on any other pre!>cribed ground.
(2) If a licence is suspended or cancelled lhe prescnbed authority shall make an entry to that effect in the licence.
2'.)
•J
(3) Whenever a licence is su!>pended or cancelled under this oection, it shall be competent for the prescnbed authority to otdcr also a forfeiture of the :ecurity, if any, furnished by the wart::hou::.eman.