67Surrender of retention licence

67 Surrender of retention licence

(1)  A licensee may apply to the Director for approval to surrender a licence or part of a licence.

(2)  An application for approval to surrender a licence or part of a licence is to be –

(a) in an approved form; and

(b) accompanied by the licence; and

(c) accompanied by the prescribed fee; and

(d) lodged with the Registrar.

(3)  The Director may –

(a) approve the application, with or without any conditions; or

(b) refuse to approve the application.

(4)  The Director, by notice in writing, is to notify the applicant of –

(a) the approval of the application; or

(b) the refusal to approve the application and the reason for the refusal.

(5)  [Section 67 Subsection (5) inserted by No. 24 of 2013, s. 73, Applied:28 Jun 2013] If the Director approves an application on conditions, the Director, by notice in writing, is to notify the applicant when the Director is satisfied that all the conditions have been fulfilled.

(6)  [Section 67 Subsection (6) inserted by No. 24 of 2013, s. 73, Applied:28 Jun 2013] If the Director approves an application, the licence, or the part of the licence, to which the application relates –

(a) is, if the application is approved without conditions, surrendered on the date on which the Director gives to the applicant notice under subsection (4) of the approval; or

(b) is, if the application is approved with conditions, surrendered on the date on which the Director gives to the applicant notice under subsection (5) that the Director is satisfied that all the conditions have been fulfilled.