No holder of a license granted under this Act to sell liquor shall surrender his license except on the expiration of one month’s notice in writing given by him, to the authority which granted the license, 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 the surrender:
Provided that if the authority is satisfied that there is sufficient reason for surrendering the license, he may remit to the holder thereof the sum so payable on surrender or any portion thereof.
Explanation.- The expression “holder of a license” as used in this section includes a person whose tender or bid or application for allotment of a license for any liquor vend has been accepted, although he may not actually have received the license.