13.1. A licence shall cease to have effect from such time as the travel agent becomes bankrupt or, as the case may be,
(a) its charter is repealed or cancelled or it expires;
(b) its powers as a legal person are revoked;
(c) it adopts a resolution directing its own winding-up;
(d) a winding-up order is rendered against it by any competent court;
(e) the travel agent or licensee recognizes the permanent closing of his or its principal establishment.
The licence of a licensee who is deceased, has resigned or has been dismissed or who no longer satisfies the requirements necessary to be the holder of the licence ceases to have effect if no application for the transfer of the licence has been transmitted to the president before either of the following dates:
(a) the eleventh day following the date of the event giving rise to the transfer application;
(b) the day occurring three months after the date of acceptance of an application for a temporary transfer, where applicable.