Section 8. Suspension and cancellation of licence

(1) Every licence granted under Section 5 or renewed under Section 6 shall be liable to be suspended or cancelled by the prescribed authority if in its opinion the warehouseman-- (a) Has applied to be adjudicated, or been adjudicated, an insolvent, or (b) Has parted, in whole or in part, with his control over the warehouse, or (c) Has ceased to conduct such warehouse, (d) Has made unreasonable charges for the services rendered by him, or (e) Has in any other manner become incompetent to conduct such warehouse, or (f) Has contravened, or failed to comply with, any of the terms of the licence or any of the provisions of this Act and the rules. (2) If a licence is suspended or cancelled, the prescribed authority shall make an entry to that effect in the licence.