(1) Every licence granted under section 4 or renewed under section 6 shall be liable to be suspended ,cancelled or revoked either temporarily or permanently by the prescribed authority for valid reasons stated in writing and in particular if the warehousemana) has applied for being declared or been adjudicated as insolvent, or b) has parted, in whole or in part, with his control over the warehouse, or c) has ceased to conduct the business of such a warehouse, or d) had made unreasonable charges for the services rendered by him, or e) has in any other manner become incompetent to conduct the business of such warehouse, or f) has contravened, or failed to comply with, any of the conditions of the licence or any of the provisions of this Act or the rules made thereunder.
(2) If a licence is suspended, revoked or cancelled the prescribed authority shall make an entry to that effect in the licence.