(1)  A lessee may apply to the Director for approval to surrender a lease or part of a lease.

(2)  An application for approval to surrender a lease or part of a lease is to be –

(a) in an approved form; and

(b) accompanied by the lease; and

(c) accompanied by the prescribed fee; and

(d) lodged with the Registrar.

(3)  The Director may –

(a) approve the application, with or without any conditions; or

(b) refuse to approve the application.

(4)  The Director, by notice in writing, is to notify the applicant of –

(a) the approval of the application; or

(b) the refusal to approve the application and the reasons for the refusal.

(5)  If the Director approves an application on conditions, the Director, by notice in writing, is to notify the applicant when the Director is satisfied that all the conditions have been fulfilled.

(6)  If the Director approves an application, the lease, or the part of the lease, to which the application relates –

(a) is, if the application is approved without conditions, surrendered on the date on which the Director approves the application; or

(b) is, if the application is approved with conditions, surrendered on the date on which the Director gives to the applicant notice under subsection (5) that the Director is satisfied that all the conditions have been fulfilled.