Section 119: Surrender of Licence or Permit.

1 The holder of a licence or permit may, upon an application in the form, manner and meeting any condition prescribed by the Authority in a regulation made under this Act surrender the licence or permit, where—
a the licenced or permitted activity is no longer required;
b the licenced or permitted activity is not economically justifiable;
c another qualified person is willing and able to assume the rights and obligations of the holder of the licence or permit in accordance with the requirements and objectives of this Act; and
d applicable, the holder of the licence or permit has complied with the requirements of the law in respect of relinquishment, decommissioning and abandonment of installations and reclamation of land.

2 A holder of the licence or permit who has commenced activities and has ongoing operations shall, except a shorter period is stipulated in the licence or permit, give the Authority a minimum of 12 months' notice in writing of its intention to cease its activities.

3 The form and procedure to be followed in surrendering a licence or permit under subsection (2) shall be as prescribed by regulation.