(1) In case a Licencee desires to sell or transfer his Licence to any other person, the Licencee and the buyer or the transferee of the Licence shall have to submit a joint application to the Authority stating the reasons thereof along with the terms and conditions mutually agreed, for the approval.
(2) Upon the receipt of an application submitted pursuant to Sub- section (1), while making an inquiry by the Authority, if it deems appropriate to sell or transfer the Licence to the person mentioned in the application, the
Authority shall grant approval for such sell or transfer within thirty days of the receipt of the application, and if it deems inappropriate to permit to sell or transfer, a notification with reason shall be given to the applicant.
(3) A fee as prescribed shall be required to be paid to the Authority for the approval to sell or transfer the Licence.