(1) A licensee with a suspended or revoked licence shall surrender the licence to the Agency within twenty-four hours of receipt of notice of the suspension or revocation of its licence.

(2) Where a licensee fails to surrender the licence, each director of the licensee commits an offence and is liable on summary conviction to a fine of not more than five thousand penalty units for each day that the licence is not surrendered or to a term of imprisonment of not more than two years or to both.