(1) A person who desires to give or receive a License by conveying the title by way of sale or otherwise shall have to make a joint application to the Authority in a format referred to in Schedule -9 for approval, setting out the mutually settled terms and restrictions.
(2) If an application is received pursuant to Sub-rule (1), the Authority shall make necessary inquiry and upon making inquiry if it deems necessary to obtain additional information or description, the Authority may request for additional description or information from the applicant.
(3) If it deems appropriate on the basis of the application and the documents attached with the application received under Sub-rule (1) as well as the additional information or description requested pursuant to Sub-rule (2), the Authority shall transfer of title to the License by way of sale or otherwise, issue approval to transfer the License by way of sale or otherwise upon charging Five percent of the License fees from the applicants.