(1) A licensee may, by written notice, surrender his individual licence to the Minister—

 

(a) at any time; or 

 

(b) in accordance with the requirements set out in the individual licence.
 

(2) The surrender shall take effect on the date the Commission receives the individual licence and the notice under subsection (1), or where a later date is specified in the notice, on that date.

 

(3) The surrender of an individual licence shall be irrevocable unless it is expressed to take effect on a later date and before that date the Commission, by notice in writing to the licensee, allows the surrender to be withdrawn.