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Revocation and termination of prospecting licences.
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12.—(1) The Minister may at any time, in his absolute discretion, revoke a prospecting licence.
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(2) A prospecting licence shall terminate, if the licensee thereunder is an individual, on his death or bankruptcy or, if such licensee is a body corporate, on its dissolution.
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(3) On the revocation or termination of a prospecting licence under this section—
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(a) all rights and powers exerciseable by the licensee thereunder shall cease and determine, but without prejudice to any obligation or liability imposed on such licensee by this Act or by such licence;
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(b) such licensee shall not be entitled to be repaid any part of the consideration paid by him for the grant of such licence.
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