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(1) A recognised repository may surrender its certificate of recognition by forwarding it to the Controller with a written notice of its surrender.

(2) The surrender shall take effect on the date the Controller receives the certificate of recognition and the notice under subregulation (1), or if a later date is specified in the notice, on that date.

(3) On receipt of a notice of surrender under subregulation (1), the Controller shall immediately cause such surrender to be published in such form and manner as he may determine.

(4) A recognised repository intending to surrender its certificate of recognition shall, not less than ninety days before the date the surrender is intended to take effect, notify all its clients in writing of its intention.

(5) A recognised repository that contravenes subregulation (4) commits an offence and shall on conviction be liable to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding three months or to both.