(1) The Director may grant to a person a licence ('a pawnbroker's licence') upon such terms and conditions as he sees fit to a person to carry on the business of pawnbroker at a particular premises.

(2) An application for a licence shall be in writing and in such form as the Director may determine and shall be accompanied by a fee of £1,000 or such other amount as may stand specified in regulations made by the Minister.

(3) The Director may refuse to grant a licence on one or more of the following grounds, namely, that -

(a) satisfactory evidence has not been given of the good character of the applicant,

(b) satisfactory evidence has been given that the applicant, or any person responsible or proposed to be responsible for the management of the applicant's business as a pawnbroker, is not a fit and proper person to hold a licence,