(1)The holder of licence may at any time before the expiry of the term of his licence apply for permission to transfer his licence to another person.(2)[ Such application shall be made to the Chief Inspector in Form 4 in duplicate alongwith the original licence and the grounds on which transfer is desired and the treasury challan as a proof of payment of the fee for the transfer of licence. The Chief Inspector may, on being satisfied that there is no objection to the transfer of licence applied for, transfer the licence by entering upon the original licence under his signature, an endorsement to the effect that the licence has been transferred to the person named.(3)A fee of Rs. 5 shall be charged on each such application.] [Substituted by Notification No. 4(a) 4-91-16B, dated 6-4-1995.](4)The person to whom licence is transferred under sub-rule (2) shall enjoy thereunder the same powers and be subject to the same obligations as the original holder.
