44 Laws of Malaysia Act 588 Surrender of an individual licence 35.  (1) A licensee may, by written notice, surrender his individual licence to the Minister— (a) at any time; or (b) in accordance with the requirements set out in the individual licence. (2) The surrender shall take effect on the date the Commission receives the individual licence and the notice under subsection (1), or where a later date is specified in the notice, on that date. (3) The surrender of an individual licence shall be irrevocable unless it is expressed to take effect on a later date and before that date the Commission, by notice in writing to the licensee, allows the surrender to be withdrawn. Transfer of an individual licence or change of ownership 36.  (1) The grant of an individual licence shall be personal to the licensee and the individual licence shall not be assigned or transferred to any other party unless the prior written approval of the Minister has been granted. (2) The Minister may seek the advice of the Commission before granting an approval under subsection (1). Recommendation for the suspension or cancellation of an individual licence 37. The Minister may, on the recommendation of the Commission, by declaration in accordance with section 13, suspend or cancel an individual licence granted under this Act in any of the following circumstances: (a) the licensee has failed to pay any amount required by this Act or the individual licence; (b) the licensee has failed to comply with the provisions of this Act or the terms and conditions of the individual licence;