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6 
LICENSING PROCEDURES; CLEARINGHOUSE 
Sec. 5. (a) A license as specified in seetia 4 shall be 
issued by the Secretary to the first qualified person who 
makes written application and tenders a fee of $5,000 for 
the block specified in the application, except for portions of 
the deep seabed excluded from licensing pursuant to section 
6. A person shall be deemed qualified for a license under 
this Act if and only if that person is a citizen of the United 
States, or a corporation or other juridical entity organized 
under the laws of the United States, its States, territories, 
or possessions, and meets such technical and financial re- 
quirements as the Secretary may prescribe in order to assure 
effective and orderly development of the licensed portion. 
(b) The Secretary shall act upon each license applica- 
tion within sixty days of its filing, and if the license is not 
issued or is issued for less than the entire portion of the deep 
seabed sought in the application, the Secretary shall in an- 
nouncing his action to the applicant state reasons in writing 
for declining to issue the license for the entire portion sought. 
The Secretary shall, and the applicant or licensee may, notify 
‘within fourteen days the international registry clearinghouse 
of the filing or withdrawal of an application for a license 
under this Act, the issuance, denial, expiration, surrender, 
transfer, or revocation of such license, or the relinquishment 
of any licensed portion of the deep seabed. 
