Any holder of a license to sell by retail under this Act may surrender his license on the expiration of one month’s notice in writing given by him to the Collector of his intention to surrender the same and on payment of the fee 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 such a license, he may remit to the holder thereof the sum so payable on surrender, or any portion thereof.
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.