Power of the Collector to take grants under management, or to transfer them

(1) If any holder of licence granted under this Act, or any person to whom an exclusive privilege has been granted under Section 22, contravenes any provision of this Act or any rule made thereunder or makes default in complying with any condition imposed upon him by such licence or privilege, the Collector may (in the case of a licence after the cancellation thereof), and in the case of an exclusive privilege, at any time- (a) take the grant under management, at the risk and loss of the person to whom it was made, or (b) transfer the un expired portion of the grant, at the risk and loss of the said person, to any other person. (2) If a licence granted to any person under this Act is withdrawn under Section 43, or surrendered under Section 44, the Collector may, after the withdrawal or surrender thereof, take the grant under management, or transfer the unexpired portion of grant to any other person.