Surrender of license

(1) No holder of a license granted under this Act to sell an intoxicant shall surrender his license except on the expiration of one month’s notice in writing given by him to the Collector of his intention to surrender the same and on payment of the fee payable for the license for the whole period for which it would have been current but for the surrender: Provided that, if the Collector is satisfied that there is sufficient reason for surrendering the license, he may remit to the holder thereof the sum so payable on surrender or any portion thereof. (2) Sub-section (1) shall not apply in the case of any license granted under section 27(2). Explanation.― The words “holder of a license” as used in this section include a person whose tender or bid for a license has been accepted, although he may not actually have received the license.