(1) (i) On expiry of the period of licence the contractor may, if he dose not intend to have his licence renewed, make an application to the licensing officer for the refund of the security deposited by him under Rule 24.
(ii) If the licensing officer is satisfied that there is no breach of the conditions of licence or there is no order under Section 14 for the forfeiture of security or any portion thereof, he shall direct the refund of the security to the applicant.
(2) If there is any order directing the forfeiture of any portion of the security, the amount to be forfeited shall be deducted from the security deposit, and balance, if any, refunded to the applicant.
(3) Any application for refund shall, as far as possible, be disposed of within 60 days of the receipt of the application.
