Territorial Extent Schedule 6: Exchange of information: persons and bodies Part 5: Operating Licences Sections 113 & 114: Surrender and Lapse
331.A licence ceases to have effect if it is surrendered to the Commission. This provides a voluntary procedure for a licence holder to give up his licence if he so wishes.
332.A licence will lapse, and is not transferable, if the licence holder:
	Dies;
	In the opinion of the Commission becomes incapable of carrying out the licensed activities (from which there is a right of appeal); or
	Becomes bankrupt or goes into liquidation.