(1) If a licensee intends to sale or in   other way transfers the license, shall have to submit an application to the
committee.
(2) If the application has been received pursuant to Sub-rule (1),  the committee after making a required inquiry on the application and considering the economic condition of the person or body corporate  intending to purchase or receive the license, if deemed appropriate to  give approval for sale or handover, the committee may give approval for
sale or transfer of license prescribing the required conditions.