54. (1) The holder of a dangerous weapons licence shall, within 7 days after the date on which the person ceased to possess a weapon registered or endorsed on the licence—
(a) give notice to the Registrar in writing setting out the prescribed particulars; and
(b) forward the licence to the Registrar for the purpose of that registration or endorsement being cancelled.
(2) After varying a licence in accordance with subsection (1), the Registrar shall return the licence to the holder.
(3) The holder of a restricted weapons licence shall, within 7 days after the date on which he or she ceased to possess the weapon, forward his or her licence to the Registrar.
(4) A person who, without reasonable excuse, fails to comply with subsection (1) or (3) is guilty of an offence punishable, on conviction, by a fine not exceeding $2,000.