12.—(1) The Chief Executive may cancel a licence if —
(a)
in the case of an import and wholesale licence, the holder of the licence ceases to carry out all of the activities authorised by the licence; or
(b)
in the case of a retail licence, the holder of the licence ceases to carry out all of the activities authorised by the licence at the retail outlet in respect of which the licence was granted.
(2) Where a licence is cancelled under paragraph (1), the Chief Executive may, in his discretion, give a refund of one-twelfth of the fee specified in regulation 6(2) for each month in respect of which the licence would have remained valid had it not been cancelled.