Section 41
Surrender of prospecting licence
—
(a) A surrender of a prospecting licence shall be made to the Director in the form prescribed by the Authority. The form shall be signed by the licensee who shall also return the licence to the
Director.
(b)
The Director shall transmit the form for surrender of the prospecting licence to the Secretary and notify the Registrar who shall cause an entry in the register kept under section 97(b) of the surrender of the prospecting licence.
(2)
The liability of the holder of a prospecting licence—
(a)
to pay any fee, royalty, penalty or other money that is payable on or before the date of surrender;
(b)
to perform any obligation required to be performed on or before the date of surrender; and
(c)
for any act done or default made on or before the date of surrender, shall not be affected by the surrender of the licence under subsection
(1)
.