(3)On receipt of such application, the Commissioner shall, subject to the provisions of this Act, grant a fresh Licence to such dealer and endorse the fact of such grant of fresh Licence on the existing Licence and on the additional copies thereof, if any, produced before him:Provided that where the existing Licence was issued on the dealer's furnishing any security, the dealer shall be liable to furnish fresh security in accordance with the rules for obtaining a fresh Licence under this section.
