(1) If the Authority is satisfied that the applicant meets the eligibility requirements under these rules, it shall issue a written or electronic communication to the applicant asking it to submit the security deposit in accordance with rule 19 within a period of twenty - one working days.
(2) If the applicant fails to submit the security deposit within the period specified under sub-rule (1), the application shall be deemed to have been rejected.
Provided that the Authority may, if it is satisfied that the applicant was prevented by sufficient cause from submitting the security deposit within the said twenty-one working days, allow him to submit the security deposit.
(3) If the applicant submits the security deposit in accordance with rule 19, the Authority shall issue a certificate of registration to the applicant in respect of the warehouse to the applicant within five working days in the form specified in the Fourth Schedule.
(4) The certificate of registration issued under sub-rule (3) shall be valid for a period of five years from the date of issuance of the certificate, subject to the maintenance of ownership or continuous effective control over the warehouse concerned by the warehouseman.
(5) After the grant of certificate of registration under this rule, the applicant shall be a warehouseman in respect of the warehouse, and be entitled to conduct the warehousing business from the date of issuance of the certificate of registration.