Application for and grant of licence.

(1) A person may make an application to the prescribed authority for the grant of licence for carrying on the business of warehousing. (2) Every application made under sub-section (1) shall be in such form, contain such particulars and accompanied by such fees, as may be prescribed. (3) On receipt of such application, the prescribed authority may, on payment of the prescribed fee, grant a licence to such person for the conduct of his business of warehousing in accordance with the terms and conditions of the licence, and the provisions of this Act and the rules made thereunder.