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