(1) (i) On expiry of the period of licence the contractor may, if he does not intend to have his licence renewed or get the security amount adjusted in respect of his fresh application for licence in terms of sub-rule (2) of rule 10, make an application to the Licensing Officer for the refund of the security, if any, deposited by him under rule 10.
(ii)If the Licensing Officer is satisfied that there is no breach of the conditions of license or there is no order under section 10 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 the whole or any part of the security, the amount to be forfeited shall be deducted from the security deposit, and balance, if any, shall be refunded to the applicant.
(3)The application for refund shall as far as possible, be disposed of within sixty days of the receipt of the application.
