(1) The Authority shall examine whether the applicant is a fit and proper person.
(2) The Authority shall consider the applicant a fit and proper person if the applicant satisfies all of the following requirements —
(a) the applicant, or any of its key managerial persons, has not been convicted by any court for any offence at any time in the preceding five years;
32 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(b) the applicant, or any of its key managerial persons, has not been declared as an insolvent by any court;
(c) the applicant, or any of its key managerial persons, has not been declared to be of unsound mind by any court;
(d) if the applicant is a person other than an individual, the documents mentioned in the Fifth Schedule should state that one of the objectives of the entity is to carry out the warehousing business;
(e) the applicant or its affiliates are not assigned, by the Authority to carry out any other function under the Act; and
(f) the applicant submits an undertaking to the effect that all the local laws have been complied with for carrying out the business of warehousing with respect to the warehouse.