4. Before granting a licence, the Director shall satisfy himself- (a) that the warehouse is suitable for proper storage of the particular agricultural produce for which an application for such licence has been made in writing; (b) that the applicant has furnished such security as may be prescribed and is competent to conduct such a warehouse; and(c) that there is no other cause or reason for which the applicant for the licence may, in the opinion of the Director, be deemed to be disqualified.