(1)Every person applying for a licence as a dealer shall, before licence is issued to him deposit with the licensing authority for each place of business a sum of Rs. 500 (Rupees five hundred only), by way of security for due performance of the conditions subject to which the licence is granted to him:Provided that the provisions of the sub-clause shall not apply to any Co-operative Society registered under the Orissa Co-operative Societies Act, 1962 (Orissa Act 2 of 1963) applying for a licence under this Order.(2)The security referred to in Sub-clause (1) may in any one of the following forms, namely :(a)a demand draft on the State Bank of India endorsed in favour of the licensing authority;(b)a deposit-at-call-receipt of the State Bank of India endorsed in favour of the licensing authority;(c)Government Securities at five per cent below market price or at face value, whichever is less, endorsed in favour of the licensing authority;(d)Savings certificate transferred as provided in Rule 19 of the Post Office Savings Certificate Rules, 1960 to the Governor of Orissa in his official capacity;(e)Treasury receipt endorsed in favour of licensing authority;(f)Post Office Savings Bank Pass Book, the account being pledged to the licensing authority; and(g)Cash deposit into Government Treasury under head "Revenue Deposit".
