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

If any holder of a license granted under this Act, or any person to whom an exclusive privilege has been granted under section 20, contravenes any provision of this Act, or any made hereunder, or makes default in complying with any rendition imposed upon him by such license or privilege, or if any holder of a license granted under this Act surrenders the same under Section 42, the collector may (in the case of a license, after the cancellation or surrender 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 unexpired portion of the grant, at the risk and loss of the said person, to any other person.