- Every warehouseman shall at the time of the application for licence either:-(a)furnish to the prescribed authority security deposit in cash or public securities assessed at the rate of Rs. 25/- per 100 cubic feet of the storage capacity subject to a minimum of Rs. 3000/- and execute a bond in Form No. 4 for the observance of the conditions and obligations arising out of his business as warehouseman, or(b)execute a bond with two sureties to the satisfaction of the prescribed authority for a like amount in case where the surety is a company and the prescribed authority is satisfied, there may be only one surety,(c)the prescribed authority may waive the condition of sub- sections (a) and (b) or reduce the security amount in case of the Central Warehousing Corporation, the Rajasthan State Warehousing Corporation or any Marketing Society registered under the Rajasthan Cooperative Societies Act.
