(1)If any holder of a 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 hereunder, or makes default in complying with any condition imposed upon him such licence or privilege, the Collector may (in the case of a licence, after the cancellation thereof, and in the case of any 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.
