(1) Subject to such conditions and limitations as the by-laws may provide, any licensee holding immovable property or any interest in such property granted to him under sub-section (2) of section 35 may, with the previous sanction of the committee, transfer such property or interest by agreement to any person for carrying on a specified trade.
(2) The committee may, for reasons to be recorded in writing, refuse to sanction such transfer :
Provided that, no order of refusal of such sanction shall be passed, unless the person concerned is given an opportunity of being heard :
Provided further that, if the committee does not take any decision and communicate the same to the applicant by letter under certificate of posting, within sixty days from the date of receipt of application for such transfer, the transfer shall be deemed to have been sanctioned.
(3) Any person aggrieved by the decision of the committee may, within one month of the receipt of the communication from the committee in that regard, appeal to the Metropolitan Commissioner, whose decision on such appeal shall be final.