Amendment status not verified — confirm the current text below against the official source.
If any holder of a licence granted under this Act, or any person to whom an exclusive privilege has been granted under section 17 contravenes any provision of this Act, or any rule made hereunder or makes default in complying with any condition imposed upon him by such licence or privilege, or if any holder of a licence, granted this Act surrenders the same under section 31, the Collector may (in the case of a licence, after the cancellation or surrender thereof and, in the case of an excius.ve privilege, at any time); (a) take the grant under management at the risk and loss of the persons to whom it was made, or (b) transfer the unexpired portion of the grant, at the risk and loss of the said person, to any other person. CHAPTER-VIII OFFENCES AND PENAL TIES