Sections 42B and 42C of the Principal Act are repealed and the following section is substituted:
“42B Cancellation on surrender
“(1) The holder of a licence may apply to the registrar, in the approved form, for the surrender, or the conditional surrender, of the licence.
“(2) The registrar shall cancel the licence, by written notice given to the applicant, if—
(a) the registrar is satisfied that appropriate arrangements have been made by the applicant for the disposal of any liquor held under the licence; and
(b) for an application for conditional surrender—a licence of a different kind is to be issued to the applicant.
“(3) The cancellation takes effect—
(a) for an application for conditional surrender—on the day the new licence applied for is issued to the applicant; or
(b) in any other case—14 days after the application is made to the registrar.”.