s 29 Where licensee under disability
(1) If a person licensed to deal in or to repair arms or ammunition or to import or to export arms or ammunition or to manufacture arms or ammunition dies or becomes insolvent or bankrupt or mentally disordered or otherwise subject to any disability, the person carrying on the business of the licensee shall not be liable to any penalty or forfeiture for acting under the licence during such reasonable time as may be necessary to allow him to make application for a new licence. (2) Such person shall be deemed to be the holder of such licence for all purposes under this Act, and to be liable in the same way as if he were the original holder thereof, until a new licence is granted or refused.