(1)Any holder of a licence granted under this Act to sell an intoxicant may, unless his licence 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 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 a 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 licence for the sale of any country liquor or intoxicating drug in the exercise of an exclusive privilege granted under section 22.Explanation. - The words "holder of a licence" as used in this section, include a person whose tender or bid for a licence has been accepted, although he may not actually have received the licence.
