(1) The Controller may, on receipt of an application under section 16, after considering the qualification of applicant and also the documents and statements decide upon within a period of two months of receipt of such application whether or not such a person possesses the financial, physical and human resources, and other facilities as prescribed and whether or not a license should be issued to such an applicant and a notice to that effect shall be given to him.
(2) While deciding upon the issuance of a license under Sub-section
(1), the Controller may inspect the facilities, financial and physical resources of the applicant.
(3) If the Controller decides to issue a license under Sub-section (1), a license in the prescribed format shall be issued to the applicant specifying the
period of validity of the license and also the terms and conditions to be followed by him.
(4) Other procedures relating to the issuance of a license shall be as prescribed.