Before granting a licence the Prescribed Authority shall satisfy itself-
(a) that the warehouses in which it is proposed to store goods are suitable for storing the particular goods, or the class or classes of goods which it is intended to store therein;
(b) that the applicant is competent to conduct such warehouses;
(c) that the applicant furnishes to the Prescribed Authority such security, in such manner, as may be prescribed:
Provided that where the applicant is a corporation established under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956 (28 of 1956) no such security shall he required;
(d) that the applicant fulfils other conditions which the State Government may, by notification in the Official Gazette, specify in this behalf; and
(e) that there is no other cause or reason for which the applicant may, in the opinion of the Prescribed Authority, be deemed to be disqualified for a licence.