[4. (1) Every application for a licence shall be made in the prescribed form to the licensing authority and shall be accompanied by the prescribed fee and security:
Provided that where the applicant is a Warehousing Corporation established or deemed to be established under the Warehousing Corporations Act, 1962 or any other Central Act for the time being in force, no security shall be required.
(2) On receipt of an application under sub-section (1), the licensing authority shall, as soon as may be, subject to the provisions of sub-section (3), grant a licence to the applicant in such form and containing such particulars as may be prescribed.
(3) An application for licence may be refused if it appears to the licensing authority that-
(a) the proposed warehouse is not, according to the prescribed conditions, suitable for storage of the class of goods for which it is intended; or
(b) the application is not accompanied by the prescribed fee or security and the same has not been paid or furnished within such time, not exceeding fifteen days, as the licensing authority may allow.]