(1)If the discontinuance of business occasioning the suspension of a licence by virtue of section 132 of this Act occurs on or after the first day of a general annual licensing meeting and before 5th April next following and—
(a)in proceedings taken in relation to any objection to the renewal of the licence made at that meeting on grounds relating to the conduct of the holder of the licence or his fitness to hold it, or
(b)in proceedings taken in relation to any reference to the compensation authority of the question of the renewal of the licence at that meeting,
the renewal of the licence is refused, the licence shall be extinguished, but without prejudice to the payment of compensation under section 14 of this Act.
(2)If a justices’ licence subsisting by virtue of a provisional renewal pending a reference to the compensation authority becomes a licence in suspense it shall be extinguished upon a refusal of the renewal by the compensation authority.