Counterpart agreement by licensee, or exclusive privilege and security or deposit

(1) Any authority granting a licence or exclusive privilege under this Act may require the grantee to execute a counterpart agreement in conformity with the tenure of his licence, or exclusive privilege and to give such security for the performance of such agreement, or to make such deposit in lieu of security, as such authority may think fit. (2) No licence or exclusive privilege granted under this Act shall be deemed to be invalid by reason merely of any technical defect, irregularity or omission in the licence or exclusive privilege or in any proceedings taken prior to the grant thereof. (3) The decision of the Excise Commissioner, as to what is a technical defect, irregularity or omission, shall be final.