Rule 16. Transfer of licence

(1) The licensee may at any time before the expiry of the licence, apply for permission to transfer his licence to another person.

(2) Such application shall be made in Form-5 on the Official Portal to the Registering Officer or the Authority, as the case may be, who shall if approves of the transfer, issue such licence in Form-9.

(3) A fee of one hundred rupees plus the amount, if any, by which the fee that would have been payable if the licence had originally been issued in the amended form exceeds the fee originally paid for the licence shall be charged on each such application.

(4) If a licensee dies or becomes insolvent, the person carrying on the business of such licensee shall not be liable to any penalty under the Code for exercising the powers granted to the licensee by the licence during such time as may reasonably be required to allow him to make an application for the amendment of the licence in his own name for the unexpired portion of the original licence. ‍453