(c)prescribing the periods within which licenses for the import of [pertroleum Class A] [ Substituted by Act 24 of 1970, Section 5, for " dangerous petroleum" (w.e.f. 1.8.1976).] shall be applied for, and providing for the disposal, by confiscation or otherwise, of any [petroleum Class A] [Substituted by Act 24 of 1970, Section 5, for " dangerous petroleum" (w.e.f. 1.8.1976). ] in respect of which a license has not been applied for within the prescribed period or has been refused and which has not been exported;
