(1) Any holder of a license granted under this Act to sell an intoxicant may, uniess his license is liable to cancellation or suspension under section 40 surrender the same on —
(i) the expiration of one month’s notice in writing given by him to the Collector of his intention to surrender it, and
(ii) payment of the fees payable for the license 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 surrendering a license, he may direct the licensing authority to 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 licensse for the sale of any country liquor or intoxicating drug in the exercise of an exclusive privilege granted under section 20.
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Explanation :- The words “holder of a license” as used in this section, include a.person whose, tender or bid for a license has been accepted, although he.
may not actually have received the license.