- A licence under sub-section (2) of section 4 shall be granted in Form No. 3 subject to the following conditions:-(1)Every warehouseman shall have and maintain in respect of each warehouse for which the application for a licence has been made, net assets liable for the payment of any indebtedness arising from the conduct of the warehouse to the extent of atleast Rs. 50 per 100 cubic feet storage capacity of the licenced warehouse. The said limit may be reduced by the prescribed authority in the case of the Central Warehousing Corporation, Rajasthan State Warehousing Corporation or any other Marketing Co-operative Society registered under the Rajasthan Co-operative Societies Act. Such assets may also consist of movable or immovable property of the required valuation. In case buildings, machinery or merchandise are included among such assets, the warehouseman shall keep them insured against loss or damage by fire with a company or companies approved by the prescribed authority.(2)Immediately upon receipt of his licence the Warehouseman shall post the same and keep it posted until suspended or revoked, in a conspicuous place in the principal office where receipts issued of such warehouseman are delivered to depositors.(3)Whenever any of the conditions mentioned in clauses (c) and (e) of section 8 shall come into existence, it shall be the duty of the warehouseman to notify immediately to the authority granting the licence.(4)Every warehouseman shall permit the prescribed authority or any officer deputed by him to inspect or examine a warehouse licensed under the Act, to enter and inspect or examine on any business day, during the usual hours of business, any warehouse for the conduct of which such warehouseman holds a licence, the office thereof, the books, records papers and accounts relating thereto and the contents thereof and such warehouseman shall furnish such officer the assistance necessary to enable him to make the inspection or examination.
