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(1) Every person specified in section 31, if he desires to act in more than one market area, shall make an application to such authority/officer notified by the State Government for the grant or renewal of the license in such manner and within such period and on such terms and conditions as may be prescribed in the rules. (2) The authority/officer notified by the State Government may grant or renew the license or may refuse to grant or renew the license for reasons to be recorded in writing.