Surrender of Licence

(1) Any holder of a licence or exclusive privilege granted under this Act to manufacture and sell an intoxicant, may, unless his licence or exclusive privilege is liable to cancellation or suspension under Section 42, surrender the same - (a) on the expiration of one month's notice in writing given by him to the Collector of his intention to surrender it; and (b) on payment of the fees payable for the licence or the consideration money due for the exclusive privilege for the whole period for which it would have been current but for such surrender: Provided that, if the Excise Commissioner is satisfied that there is sufficient reason for the surrender of an exclusive privilege or licence, he may remit to the holder thereof the sum so payable on surrender and any fees paid in advance or any portion of such sum or fees. (2) Sub section (1) shall not apply in the case of a license for the sale of any country liquor or intoxicating drug in the exercise of an exclusive privilege granted under section 22. Explanation - The expression 'holder of a licence' as used in the Section, includes a person whose tender or bid or offer for an exclusive privilege has been accepted although he may not actually have received the licence.