(a) Upon the filing and approval of a bond with the Commissioner of Agriculture and Industries, the commissioner must issue a permit which will authorize the applicant to operate a public warehouse at the place, building, structure, or enclosure named in the application upon such applicant’s securing from the probate judge of the county a license required by law to transact such business.
(b) Such permit shall not be issued for a longer period than one year and shall expire on July 31 next after the issuance thereof.