(1) Before granting a licence the prescribed authority licence shall satisfy itself-
(a) that the warehouse is suitable for proper storage of the class or classes of goods in respect of which the licence has been applied for;
(b) that the applicant is financially sound;
(c) that the applicant has paid the fee prescribed for the licence and has also paid or given the prescribed security, if any.
(2) The Government may, by notification in the official Gazette, add to or alter the conditions under this section.
6. Every licence granted under section 4 shall be valid for the prescribed period, and may on application and payment of the prescribed fee, be renewed from time to time by the prescribed authority and for the prescribed period, provided the other conditions referred to in section 5 continue to be fulfilled.
Warehouse man.
Conditions of licence.
Application for grant of licence.
Term and renewal of licence.
7. If the prescribed authority refuses to grant or renew grant or renew a licence under the foregoing provisions, it shall record its reasons for such refusal in writing and communicate the order to the applicant by forwarding a copy thereof.