Licensing of person whose licence is suspended or cancelled

Licensing of person whose licence is suspended or cancelled.--Where the business of any person licensed under this Act is transferred by succession, inheritance, sale or lease or otherwise, the successor, heir, legatee or lessee (as the case may be, shall not carry on such business either in his own name or in any other name, unless he has obtained a licence to carry on such business : Provided that pending the grant of a licence to such successor, heir, legatee or lessee, he may carry on the business for a period of sixty days, if he has applied for the licence within thirty days of the acquisition, until he is informed that the licence cannot be given to him.