(1) The Comptroller - General of Customs must decide whether or not to grant a depot licence within 60 days after:
(a) if paragraph (b) does not apply--the receipt of the application for the licence; or
(b) if the Comptroller - General of Customs requires further information relating to the application to be supplied by the applicant under section 77J and the applicant supplied the information in accordance with that section--the receipt of the information.
(2) If the Comptroller - General of Customs has not made a decision whether or not to grant a depot licence within 60 days under subsection (1), the Comptroller - General of Customs is taken to have refused the application.